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Estate Administration 

Estate Administration:
A Comprehensive Overview:

Estate administration encompasses a series of legal and financial tasks that must be carried out to settle a deceased person's affairs. The process typically involves:

  1. Identifying Assets and Liabilities

  2. Probate or Letters of Administration

  3. Valuation of Assets

  4. Paying Debts and Taxes

  5. Distributing the Estate

  6. Finalizing Legal Formalities

Estate administration is a critical process that requires careful attention to legal and financial details. Rands Solicitors, with their experienced team of solicitors, offer comprehensive support to families during this challenging time. By entrusting estate administration to them, you can navigate the complexities with confidence, ensuring a fair and timely distribution of your loved one's assets while focusing on your emotional healing.

FEES

 

Full Estate administration

To include applying for the grant, collecting and distributing the assets

 

For a straightforward estate, our cost estimate would range between £2,500-£4,500. Please note this is just a guide, we will be able to advise on more specific fee when we are aware of the assets involved.

 

The above quote assumes:

  1. There is no question over the validity of any will or it is a straightforward intestacy

  2. There is no more than one property and you deal with all utilities, insurance and clearance

  3. There are accounts at no more than 3 bank or building societies (including NS&I)

  4. There are no other intangible assets

  5. There are no more than 4 beneficiaries of age and full capacity

  6. There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to a substantial increase in costs and the involvement of our contentious probate team

  7. There is no inheritance tax payable and the executors do not need to submit a full account to HMRC. If there is no tax payable but claims are required for a transferable nil rate band, or the longer form of inheritance tax return is otherwise required this is likely to add around 3 to 4 hours work at a cost of around £820 to £1,100 plus VAT at 20%

  8. There are no claims made against the estate

  9. We do not deal with any tax matters other than inheritance tax

 

Should any of the above occur, then the Estate will be categorised as a medium or complex Estate depending on the specifics, and our charges will be higher than the straightforward Estate cost above. Again, we will be able to advise on more specific fee when we are aware of the assets/issues involved.

 

In addition, disbursements, will also be payable. These are payments to third parties. The likely ones are:

  • Probate application fee of £273

  • Copies of the grant £1.50 per copy (usually one per asset)

  • Bankruptcy searches £2 +VAT at 20% per beneficiary (at least one for each beneficiary)

  • Post in The London Gazette and Post in a Local Newspaper (section 27 notices) – these help to protect against unknown creditors These are placed through an agency which is cheaper than placing direct The costs depends on what the local paper charges. The cost is usually between £180 to £220 including VAT at 20%.

  • Land Registry office copies £6 plus VAT at 20% per property

 

Please note that if you seek for us to deal with the sale of any property within the Estate, this would be a conveyancing matter and is not included with the administration fees. We can provide a full quote for the cost of dealing with property, if required.

 

If at any time an unforeseen circumstance arises and our fees increase, a discussion will be had with you prior to any further work being undertaken.

 

Timeframes:

On average, obtaining a grant usually takes around 8-12 weeks. Thereafter, collecting assets and distributing the same can take anywhere from 10-24 weeks.

For further information or a no obligation chat please do not hesitate to call Rands Solicitors on 01724 786272    

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