YOUR CHOICE – FIXED FEE OR AN HOURLY RATE
We usually charge an hourly rate for the time we spend on your matter – less work and no complications mean a lower cost to you. Most of the work carried out in the administration of estates is carried out by a member of the Society of Trust & Estate Practitioners. The current hourly rate is £130 per hour and they are supervised by a senior solicitor at the firm.
If we feel the costs will be higher than we have estimated we will inform you as soon as we become aware of the possibility and will explain the reasons why the change is necessary. If you are unhappy you can ask us to stop work at that point, although we are entitled to be paid for the work we have done, providing the charge is within our estimate.
Fixed Fees –
Some people prefer to have peace of mind by instructing us to work on the basis of a fixed fee. A Fixed Fee may result in a higher overall charge, since we must build in the possibility of issues and delays which may complicate the administration. Once you have accepted our offer to work for a Fixed Fee, we must complete the work for that fee and you must pay the sum agreed.
Estates with a value not exceeding £100,000
£1,000 plus VAT and disbursements
Estates with a value not exceeding £325,000
£3,000 plus VAT and disbursements
ESTATES OVER £325,000
1% of the gross value of the estate
What is included in our full administration service
Once we have all the appropriate papers and necessary information, we:
- notify the appropriate authorities of the death, e.g. bank, building societies, DWP, and
- verify the extent and value of the assets and liabilities, obtaining valuations where necessary;
- Arrange payment of any inheritance tax due;
- prepare the paperwork for the executors to sign and swear, and, once signed and sworn, apply to the Court for the grant of probate (in the case of a will) or of letters of administration (if no will).
- Once probate is granted, arrange payment of debts and legacies
- Finalise the Deceased’s tax affairs to the date of death (unless this is dealt with by the professional advisers who acted for the deceased prior to his death
- obtain final clearance from HM Revenue & Customs;
What’s not included
- Any challenges to the Will
- Dealing with claims against the estate
- Any disbursements (fees or payments to third parties for or on behalf of the estate or required for the administration)