Full estate administration

Share This Page

Under this service option we would deal with every aspect of the estate administration process, so you are not burdened with the management of the estate. A non-exhaustive list of tasks common to most estates is set out on the PR Support Service page and wherever possible we will look to establish fixed fees for each individual task, at the outset of the administration.  In some cases it may not be possible to establish a fixed fees schedule at the outset because uncertainty around the nature and extent of the estate may make this uneconomic.  In either case the costs of the estate administration service will be based upon the time costs of the executives involved in the administration. The hourly rates of the respective [probate executives] are as follows:

Daniel Lumb Director £250 per hour
Vicky Lumb Director £200 per hour
Hannah Rodgers Solicitor £200 per hour
Paralegals £140 per hour

No two estates are the same.  There are many different variables and it is therefore difficult to provide a general formula for estimating time costs.  In all cases we will wish to meet with you at the outset to discuss the nature and extent of the estate and the likely time costs.  The following factors will often influence the level of time costs associated with the related tasks:

  • The number of banks and bank accounts
  • The number of shareholdings
  • Certificated shareholdings and lost certificates
  • Multiple properties
  • Agricultural and/or business assets
  • The number of beneficiaries
  • If a dispute arises between the beneficiaries
  • If the executor lacks mental capacity or is unable to deal with the estate
  • If a claim is made against the estate
  • If the Will contains an ongoing trust
  • Assets based outside of England and Wales
  • If there is inheritance tax to pay

In addition to Stonegate’s professional costs the following disbursements are commonly incurred during the course of estate administration.

Probate Court fee £155
Sealed copy of Grant (per copy) £0.50
Oath fee (per person) £5 plus £2 per document
Bankruptcy searches: £2 per individual
Statutory adverts: £55-300 plus VAT

Professional Fiduciary Services

The Full Estate Administration service option is integral to the professional executor role and would apply if we act as your executor or administrator. If we act as professional executor or administrator then a charge equivalent to 0.75% (plus VAT) of the gross estate value sworn at the date of death will be applied in addition to the time costs referred to above. For example, if we were acting as professional executor in an estate with a gross estate value of £500,000 then there would be a charge of £3,750 (plus VAT) in addition to the above time costs.

Timescales

We would expect an average estate to be dealt with within 6 – 12 months. In such cases the grant of representation may be expected within 3-6 months and access to liquid funds (such as bank account proceeds) to be available within 2 – 3 weeks of receiving the grant. Matters such as selling assets (such as properties), dealing with estate income tax, the DWP and other such institutions will often delay the formal completion of the estate beyond the initial receipt of monies.  However, funds can become available for beneficiaries by way of interim payments prior to the formal completion of the estate administration.

Taxable estates in particular can take longer as the probate applications are more complex and HMRC clearance can delay matters.  The following is a non-exhaustive list of factors which may increase the duration of an estate administration:

  • Uncertainty as to the extent of estate assets
  • The valuation and sale of businesses owned by the deceased
  • Incomplete records relating to agricultural enterprises
  • DWP enquiries and recovery of overpaid benefits
  • The sale of properties held in the estate
  • Claims against the estate
  • If a dispute arises between the beneficiaries
  • Assets held outside of England & Wales