PRIVATE CLIENT FEE STRUCTURE
Our fees are calculated on an hourly basis, and the eventual cost will depend on the complexity and difficulty of the Estate being administered. Factors which will affect the final costs of the matter include:
- Number and type of assets
- Any overseas element
- The complexity of the terms of the Will
- The involvement of HMRC (and in particular, the requirement to complete a full Inheritance Tax Account and formal Income Tax Returns)
- Calculation of Inheritance Tax and the availability of Inheritance Tax reliefs
- Disputes between beneficiaries or any challenge to the Will
As the amount of work involved and the length of the administration will vary from Estate to Estate, we do not offer fixed fee work. We provide a partner-led service and our three partners are all accredited by the Society of Trust & Estate Practitioners. As recognised experts in the field of estate administration, we help Executors and beneficiaries with a broad range of matters. By way of example we set out below various scenarios and the resulting costs.
Mrs Weasley died without a Will, leaving around 4 bank accounts (worth around £100,000) which passed to her daughter as next of kin. The costs of valuing the Estate, applying for Probate and distributing the assets were in the region of £1,000 plus VAT.
Mr Grainger was survived by his wife but no children. His Estate consisted of a property, two bank accounts, some shares and a pension (totalling around £300,000). After distributing legacies and personal belongings to his family, the remainder of the Estate passed to his widow, under the terms of the Will. Whilst at the outset the matter appeared simple, with no HMRC involvement , on account of a dispute with the deceased family over the terms of his Will, the eventual costs of this matter (including the sale of the house) were a little over £5,000 plus VAT.
Miss Potter (a single lady with no immediate family) died leaving a property, bank accounts and investments (valued at around £450,000). Her Will left various legacies to friends, bequeathed her property to a charity and the remainder of her Estate to a further 4 charities. As the deceased left no family, the firm were required to undertake some of the more practical duties (such as co-ordinating the clearance of the property) which would normally be dealt with by family. The eventual costs were a little over £10,000 plus VAT
Mrs Moody left a Will dividing her Estate between her daughter and son. Her Estate consisted of a bank accounts, life policy and an investment portfolio (worth around £1.3 million). The Estate required a full Inheritance Tax Account to be completed and Tax Returns to be submitted. Eventual costs totalled just under £7,000 plus VAT
Mrs Lupin died a widow with children from two different marriages who inherited her entire Estate under her Will. Her Estate, which was valued at £800,000, consisted of a property, bank accounts and life policies, plus an overseas holiday home. An HMRC Account was required in addition to income tax returns. There was an ongoing dispute between the beneficiaries which resulted in costs of this matter (including the sale of the property) being in the region of £30,000 plus VAT