When someone dies the assets they have accumulated in their lifetime are generally known as their estate. This can consist of property, savings, investments, share- holdings, entitlement from insurance policies, etc. As a result of this it is difficult to know what steps may need to be taken in administering an estate, but to assist our clients we are setting out below a guide based on certain assumptions drawn from our experience in administering the estates of our clients over many years of practice.
The exact cost will largely depend on the individual set of circumstances, for example number of assets and beneficiaries or if there are Trust provisions that have been incorporated to protect vulnerable beneficiaries. Generally, the more complex the estate, the greater number of beneficiaries, the more expensive the estate will be to administer.
As experienced practitioners in this type of work we will be able to handle the whole process for you, no matter how large or small the estate and whether the estate creates an Inheritance Tax liability or indeed if there are other tax considerations, such as Income Tax or Capital Gains Tax.
Guide To Our Fees
The guide below to our fees is only for an estate where we have made the following assumptions:-
There is a valid Will.
There is only one property, usually the deceased’s dwelling.
There are no more than 3-4 Bank or Building Society accounts.
There are no other savings, investments or insurances.
There are no more than 3-4 beneficiaries.
There are no disputes between beneficiaries on the division of the estate and all beneficiaries can be easily identified/located.
There is no Inheritance Tax payable and the Executors do not need to submit a full account to HM Revenue & Customs.