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Our costs are itemised below but if anything isn’t 100% clear, or if you have any questions at all, please do get in touch. We’d be very happy to hear from you.
It is very difficult to estimate the likely cost of obtaining a Grant of Representation and administering the estate at the outset. The main reason for this is that there is often insufficient information at the outset as to the extent of the estate and any potential problems which might arise. Once we obtain the Grant, if requested, we will provide you with an estimate of fees to complete the administration.
As an example of a “simple” Estate, this is typically where there are only a small number of assets, such as a house and bank/building society accounts (which do not require professional valuation) and the shorter form “Return” for the Revenue is required. This is broadly speaking when the net assets of the Estate fall below the limit on which Inheritance Tax is payable, or the entire Estate passes to a surviving spouse or civil partner.
As an example of a more “complex” Estate, this is typically where there is a house or houses and a number of bank accounts, investments, or overseas property, or there is a degree of investigation required into the deceased’s lifetime gifts, and Inheritance Tax is payable, and the longer form “Return” for the Revenue is required.
Sometimes complex Inheritance Tax issues arise, or there are problems tracing or dealing with Beneficiaries, or disputes arise among the Executors. In the case of disputes, we refer the matter to a specialist firm of Lawyers. If we need to trace missing Beneficiaries, we instruct Specialists in this area of work. If you need help with any Inheritance Tax mitigation, for example, by way of Deed of Variation, we can help you with this. We also outsource to an Accountant the preparation of Estate Accounts (if required) and Income and Capital Gains Tax issues (if any), including settling these tax liabilities to the date of death and for the period of the Administration. Please note that our fee estimates for obtaining the Grant and dealing with the administration of the Estate do not make provision for this type of additional work. We would of course discuss any additional fees with you, as soon as practicable.
Please note that it is our policy to submit our first invoice on application for the Grant and to submit further interim invoices at monthly intervals, with a final invoice at the time of winding up the estate. Providing the estate is solvent, we would usually settle outstanding invoices from the assets of the estate. However you should note that, if there are insufficient assets in the estate to settle our invoices, we will look to you as Personal Representatives for settlement. We will advise you as soon as possible if it looks like you will have to bear any costs in relation to the administration.
Please note that our charges do not include VAT, which will be added to the bill (unless the Client is a non- EU Resident), and there will also be certain additional expenses (known as disbursements) such as Court fees, statutory advertisements and charges for official copies of the Grant of Representation, which we shall be obtaining for you from the Court.