Search

Tasks that will cause costs to increase

The guide price provided for the average cost of a simple estate administration is based on the follow assumptions

  1. There is a valid Will and the original document is passed to us at the outset with a full death certificate for the deceased.
  2. There are no disputes in relation to the administration of the estate, including any claims from disappointed beneficiaries, relatives, creditors or others.
  3. With your assistance we are able to quickly identify all assets and liabilities of the estate.
  4. The estate is not subject to inheritance tax (IHT) and no claim for any IHT exemptions or reliefs is required, including transferable nil rate band, residence nil rate band and transferable residence nil rate band.
  5. We are only required to complete an Estate Information return form (IHT205 form) with no additional forms.
  6. The deceased's estate includes no assets other than the following:
    1. Bank or building society accounts with no more than three different institutions;
    2. One residential property with an absolute freehold or leasehold title registered with the Land Registry not subject to any encumbrances or mortgages; and
    3. One life assurance policy in their sole name not held in trust. If additional assets are held by the deceased we will provide a revised cost estimate.
  7. The deceased's estate includes no liabilities other than one loan or credit card to be repaid. If additional debts or liabilities are held by the deceased we will provide a revised cost estimate.
  8. The deceased's Will includes only the following:
    1. No more than two UK based lay Executors who are proving the Will.  If further Executors are appointed, or if professional Executors are appointed (including partners of Ashfords), or any of the Executors have chosen to renounce or have power reserved we will provide you with a revised cost estimate.
    2. Cash legacies to no more than three different people all over the age of 18, with full capacity whose full names and up to date contact addresses have already been provided. There must also be sufficient funds in banks or building society accounts within the estate after the payment of all debts and liabilities to pay the legacies without the need to sell any other assets;
    3. No legacies of specific assets other than a gift of all of the deceased's personal possessions to the surviving spouse or partner;
    4. No more than four UK based residuary beneficiaries receiving the residuary estate in equal shares who all survive the deceased and whose full names and up to date contact addresses have already been provided. If additional provisions are included in the deceased's Will we will provide a revised cost estimate.
  9. We will assume the deceased did not make any gifts in the seven years prior to death or set up any trusts that impact on the IHT position of their estate.
  10. The deceased was not a beneficiary of any trusts during their lifetime, including any life interest trusts. If they were we will provide a separate cost estimate.
  11. You obtain and provide us with date of death valuations of any property owned by the deceased and their chattels. If we are required to assist with these items additional fees will be incurred.
  12. We will not be required to attend the properties owned by the deceased. We are happy to do this, if required, but additional fees will be incurred.
  13. We are not required to correspond with the residuary beneficiaries or legatees aside from verifying their identification and accounting to them for their inheritance under the deceased's Will. Residuary beneficiaries are entitled to certain information regarding the estate administration which we are happy to provide but if we are required to enter into regular correspondence with the beneficiaries additional costs will be incurred.
  14. All legacies are paid within 12 months from the date of death so no statutory interest is incurred.
  15. There are no technical or other impediments to a grant of probate by the Probate Court.
  16. All beneficiaries are at least 18 years of age and able to understand and sign documentation as required.
  17. Any work required to sell or transfer ownership of the properties will take place separately and be subject to separate charges. A cost estimate can be provided on request.
  18. That there are no material disagreements amongst the beneficiaries and/or the personal representatives.
  19. We are not required to distribute the estate within 6 months from the date of the grant of probate.
  20. We will meet with you at the outset for a meeting and again to explain the probate papers in a meeting. We are happy to meet with you on further occasions as required but additional fees will be incurred. 
  21. All communication will take place by telephone, email and post.

We will raise our first interim invoice at the point the application for the grant is submitted to the Probate Registry and thereafter interim invoices will be raised on a monthly basis until the matter concludes. 

We recommend that you contact us to discuss your personal circumstances so we can provide you with an accurate cost estimate.

The guide price for a simple estate administration does not include the cost of carrying out the below tasks.  We are happy to provide you with a separate cost estimate for any of these tasks.

  1. Organising the deceased's funeral.
  2. The conveyancing work required for the sale or transfer of any freehold or leasehold properties;
  3. Investigating and/or settling the income tax and/or capital gains tax position of the deceased up to the date of death;
  4. Any other tax affairs of the deceased or the estate;
  5. Investigating or claiming any available transferrable nil rate band, residence nil rate band or transferrable residence nil rate band;
  6. Liaising with any third parties such as accountants or financial advisors
  7. Organising insurance policies to protect any assets of the deceased's estate, including any property held.
  8. Organising the clearance of any property owned or occupied by the deceased.
  9. Advising any beneficiaries as to their personal position in light of their inheritance;
  10. Providing financial advice and/or tax advice in relation to assets held within the estate and the disposal of the same or advising beneficiaries on the same.
  11. Dealing with, responding to or defending any claims made against the estate;
  12. Dealing with any deeds of variation to the terms of the deceased's Will; and
  13. Anything else not specifically identified in the 'Scope of services included'.

When necessary, we will, in consultation with you obtain such additional advice as is required from appropriately qualified third parties for an additional cost.

@ashfords_law

Ashfords LLP RT @ExeterCouncil: Not easy to film without getting knocked over but we tried! The hoarding are up around the old bus station site and look…

6 hours ago

Ashfords LLP RT @foundersnetwork: Great to see our #London members and friends enjoying their @elfster hats at @Ashfords_Law! Huge shout out to @MikeBla

6 hours ago

Ashfords LLP RT @chrisimillward: An early Christmas present from the team at @Ashfords_Law thank you! @Legacy_Mngment @NicholaSims @MissionFocussed htt…

6 hours ago

More tweets from ashfords_law (ashfords_law) >