Dealing with the estate of a deceased loved one can be a daunting and emotional process, dealing with the legalities and responsibilities of the administration of their estate can be extremely challenging and somewhat overwhelming. If a valid Will has been left then there will be Executors appointed, in the absence of a Will or if it is invalid then an Administrator will need to be appointed.
The burden of this responsibility can be relieved by appointing us to deal with the administration of the estate. We will approach this task with experience, professionalism and sensitivity. We will use resources at our disposal to assist with protecting assets of the estate, ensuring we source all assets and liabilities of the deceased by carrying out extensive searches. Communication is vital as part of our service and we will ensure that our clients, the Executor or Administrator
As Accountants we are used to working efficiently, our probate pricing is very competitive. There are a number of reasons why it makes sense to use Accountants as professional advisors
- We belong to a professional body in the ICAEW that is highly trusted
- We have expertise in gathering and understanding financial information and dealing with processes efficiently and effectively
- We are likely to be cheaper than most solicitors and banks
- We have tax knowledge that is often better than solicitors and banks
- Non -contentious probate and estate administration is essentially a process driven service, which is much more suited to accountants than solicitors or banks.
- Accountants are probably the most trusted of professional advisors
In terms of our fees we will always provide a fee estimate before commencing work. Our fees will be dependent on whether we are simply obtaining the Grant on behalf of the personal representatives or what is more likely also carrying out the estate administration of collecting assets, paying liabilities and distributing funds to beneficiaries.
We have seen examples whereby people have had Wills prepared by their established and trusted bank which contains a provision that they will be executors of the estate whereby they will charge 4% on the value of the estate. On an estate valued at £750,000 this would amount to £30,000 + vat and disbursements.
Assuming this same estate contained 2 bank accounts and the family home with no liabilities we would expect our fees to be around £6,000 + vat + disbursements.
In addition to our fees there will be disbursements which may or may not be required, these will be paid by us on our client’s behalf and invoiced accordingly.
Typical Disbursements | Amount | VAT | Total |
---|---|---|---|
Probate Fee | £300 | £0 | £300 |
Additional copies of Grant of Probate | £1.50 | £0 | £1.50 |
Bankruptcy Search Fee (per beneficiary) | £2.00 | £0 | £2 |
Land Registry Search Fee | £3.00 | £0 | £3 |
S27 Notice fees for the London Gazette & Local Newspaper | £150-£250 | £30-£50 | £180-£300 |
Asset & Liability Search | £175 | £35 | £210 |
Will Search | £105 | £21 | £126 |