Estate Administration Costs

In order to deal with assets in an estate, the Personal Representatives of the estate will often need to apply for a Grant of Representation. This is a legal document issued by the High Court which authorises the Personal Representatives to administer the estate of a deceased person.

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If there is a Will, the Grant is called a Grant of Probate. If there is no Will the Grant is called a Grant of Letters of Administration.

Most financial institutions require sight of a Grant before releasing any funds. If the deceased owned a property or shares, a Grant will definitely be required.

BBS Law offers two levels of service:

Grant only Service; and

Full estate administration service

Grant Only Service

Our Grant only service can be a cost-effective way to obtain a Grant for an estate where the Personal Representatives are willing to be responsible for dealing with all the assets and liabilities of the estate themselves.

Using this service, BBS Law will draft an application for a Grant using information provided by the Personal Representatives. Once the Grant has been obtained, the Personal Representatives will be responsible for dealing with the estate.

Cost

Our Grant only fees are:

Where a simplified estate form (IHT205) is submitted – £1,800.00 including VAT plus disbursements
Where a full estate form (IHT400) is submitted, and we are not organising the payment of Inheritance Tax – £3,000.00 including VAT plus disbursements

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of disbursements on your behalf to ensure a smoother process.

Typical disbursements include, but are not limited to:

Swear Fees: typically, £7 per executor
Probate application fee: £155.00
Additional copies of Grant: 50p per copy
Post in the London Gazette: typically, £90
Post in a Local Newspaper: typically, £90

The total cost of the disbursements is likely to be in the region of £345.00

What BBS Law will do for you

Provide you with initial advice
Identify the Probate application you require
Obtain the relevant information required to make the application
Place a notice in the London Gazette, and if necessary, a local newspaper (this helps to protect against unexpected claims from unknown creditors)
Draft a legal Oath for the Personal Representatives to swear
Complete the relevant HMRC form(s)
Make an application to the Probate Court on your behalf
Obtain and send the Grant (and any copies) to the Personal Representatives

Timescale:

Typically, obtaining a Grant can take anywhere between 4-12 months. There are many variables that can affect the time it takes to obtain a Grant. Such variables include:

Difficulties in valuing assets
Time waiting for instructions or information from the Personal Representatives
Time taken for HMRC to give permission for Grant to be obtained (where the estate is subject to Inheritance Tax)
Time taken for Probate Registry to seal the Grant
If an investigation is required because the estate is not as straightforward as initially thought, e.g. an investigation by the DWP
Difficulty selling property

Full Estate Administration Service

Using this service, BBS Law will draft an application for a Grant using information we obtain from the various banks and other institutions. Once the Grant has been obtained, BBS will then wind up the estate on behalf of the Personal Representatives.

The cost of dealing with the full administration of an estate will vary depending on the terms of the Will (where there is one), the size and complexity of the estate and the type of assets involved.

Cost

The cost for administering is determined by a number of factors. The exact cost will depend on the individual circumstances of the matter. Factors that may influence the cost of administering an estate include:

Number of beneficiaries
Number of bank accounts and investments
Complexity of tax calculations
How much work the Personal Representatives wish to do themselves
Number of shareholdings
Number of properties
Foreign, business or agricultural assets

As a guide, the fees for full estate administration typically start from £3,000 – £5,000 including VAT for a very straightforward estate whilst fees for complex estates can exceed £20,000 including VAT.

What BBS Law will do for you

Provide initial advice
Gathering the necessary evidence needed for the probate application
Applying for the Grant
Collecting in assets
Settling debts and tax liabilities
Placing notices in the London Gazette and a local paper
Notifying third parties, such as banks, utility companies and share registrars
Dealing with HMRC
Preparation of full estate account and tax returns
Paying legacies and distributing the residue of the estate in accordance with the Will or Intestacy Rules (if there is no Will).

Timescale

Typically, administering an estate can take anywhere between 6-18 months. Several factors can impact upon the length of time it takes to finalise an estate. Potential factors can include:

Difficultly in valuing assets
Time waiting for instructions or information from the Personal Representatives
Time taken for HMRC to give permission for Grant to be obtained (where the estate is subject to Inheritance Tax)
Time taken for Probate Registry to seal the Grant
If an investigation is required because the estate is not as straightforward as initially thought, e.g. an investigation by the DWP
Difficulty selling property
Difficulty in locating share certificates
Time taken to settle Inheritance Tax or Capital Gains liabilities and obtain finalisation from HMRC
Difficulty in locating beneficiaries
Difficulty in locating assets

Qualifications

Our Probate team is made up of qualified solicitors including Kerry Blackhurst.

Avi and Jake, the professionalism and diligence demonstrated by the team at BBS Law have been truly remarkable. Your attention to detail and prompt responses have played a pivotal role in navigating us through this complex journey. We are immensely grateful for your outstanding service, and high standard of care and professionalism you have consistently provided.

Paul & Sinead

I just want to thank you Tanaaz and Robert for enduring with our property travails for so many years with such professionalism and good sense.

Alan and Samanthi

Worked with Avi and Matthew on many transactions and they never fail to deliver. Their service, knowledge and expertise is 2nd to none but their proactive approach sets them apart. Delighted to work with them time and time again.

Meir

We had a great experience working with Wale and Robert. Buying our flat went super smoothly and dealt with in courteous and professional way.

Yotam

I had the pleasure of working with David on some issues we had; from start to finish the experience was very good, and we got the outcome we needed as a company plus very good advice for the future. Overall a 5-star experience.

Effy

Needing a lawyer in a different country was a bit overwhelming living in the US. Gemma Barnhurst was lovely to work with. She put me at ease and provided good counsel. I am glad I was referred to BBS Law by a friend and would recommend them to anyone else needing similar services.

BBS Law Client

After appointing BBS I was introduced to Kelly and Safiyah who would be looking after my property sale. I was impressed with them every step of the way, they kept me informed, avoided some potential issues and were thoroughly professional. What I like the most was the personable way they dealt with the matter, very attentive and always on hand to move things forward. A real pleasure to deal with thank you both.

Sean

Avi, Safiyah & Kelly have dealt with a number of transactions for me over the past few years. Their attention to detail is incredible. They are a hard working team who will ensure you get the deal done without any fuss. Emails get replied to, matters get dealt with swiftly and i was kept in the loop the whole time. If you would like to get the deal done in good time and with professionalism then look no further! I would highly recommend them and look forward to doing more business with them all in the near future.

Josh

I really cannot thank you enough for all your help and support. You have been nothing short of superb and I am incredibly grateful to have found you, as I am sure I would not have got this result if I had not. It's not just your in depth grasp of the law and intelligent, systematic approach that I will never forget, but also the kindness and humanity you showed me throughout. I appreciate it more than you know.

BBS Law Client Testimonial

Having recently worked with BBS Law to successfully conclude an Intellectual Property infringement case we were extremely happy with the services they provided.

David Bondt expertly guided us through the process and mediation, providing knowledgeable, professional and commercial support at all stages – thanks again David!

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Grant Only Service

Cost

Disbursements

What BBS Law will do for you

Timescale:

Full Estate Administration Service

Cost

What BBS Law will do for you

Timescale

Qualifications

Paul & Sinead

Alan and Samanthi

Meir

Yotam

Effy

BBS Law Client

Sean

Josh

BBS Law Client Testimonial

Baum Trading Limited