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Happy Friends

Service Charges - 

Estate Administration/Probate

There is a lot to do when an estate needs to be administered.  Argo believes in transparency of costs so we will not charge you hourly rates because you need to know what a job will costs.  


There are three options of how we can charge for estate administration.   

Option One – full administration


If you wish us to complete the full administration this will include:-
•    Identifying the assets within the estate and obtaining date of death values
•    Identifying the liabilities within the estate and obtaining date of death values
•    Calculating the total value of the estate for Inheritance Tax purposes
•    Completing the required IHT 205 or IHT400 tax return
•    Paying Inheritance Tax liabilities
•    Completing the statement of truth for Probate Registry
•    Obtaining the Grant of Representation in the estate
•    Collecting in assets of the estate
•    Settling liabilities of the estate
•    Distributing the estate as per any will or intestacy rules

Here is what you can expect Argo to charge for the full administration of an estate:-


Value of Estate                                          Percentage fees                                        Cost
       
Up to £500,000                                         1.5%                                                      £7,500 plus VAT
Next £500,000                                           1%                                                        £5,000 plus VAT
Next £500,000                                           0.5%                                                     £2,500 plus VAT

The following are examples as to how calculations are made for the full administration of a simple estate

For example an estate worth £376,250 which includes
Property valued at £300,000

Cash in bank accounts of £50,000
Shares portfolio of £26,250


Our costs will total £5,643.75 plus VAT based on 1.5% of the gross value of the estate

For example an estate worth £872,395 which includes

Property valued at £450,000
Cash in bank accounts of £200,000
Share portfolio of £222,395 

 

Our costs will total £11,223.95 plus VAT based on 1.5% of the gross value of the first £500,000 of the estate and 1% of the gross value of the remaining £372,395

For example an estate worth £1,347,274 which includes
Property valued at £650,000
National Savings products of £75,000
Cash in bank of £200,000
Share portfolio of £422,274


Our costs will total £12,960.32 plus VAT based on 1.5% of the gross value of the first £500,000 of the estate, 1% of the next £500,000 of the estate and 0.5% of the remaining £347,274

However, at Argo we tailor our services to our client’s needs.  Some clients do not require a full administration service.  Please look at option two and three to see how you can tailor make administration services to your requirements.


What’s not included in a simple estate?


There are estates which require more complex services.  Some of these relate to giving advice on business assets, agricultural property, trusts, lifetime gifts and foreign property.  These estates will require additional work which may increase the estate administration charges.  If you have an estate which has one of the above then we will agree a fixed fee with you to investigate the asset,  identify the information required for inclusion in the estate administration process and deal with the distribution of that asset.

 

Our invoices will be raised at three points during the administration process:-


1.    When papers are prepared to submit application for Grant of Representation - 50% of fixed costs 
2.    When the Grant of representation is issued - 25% of costs
3.    At the end of the administration process - 25% of costs

 

Invoices for third party costs, known as disbursements, will be raised and when they arise.  

 

A minimum charge of £2,500 plus VAT will be made for simple estate administration.

 

 


Option Two – application for grant of representation only


If you do not wish us to apply for the Grant of Representation because you feel you can identify the assets and liabilities within the estate and deal with the distribution you can ask us just to prepare the paperwork needed to apply for the Grant.  Our fixed costs for this are:-

IHT 205 and statement of truth                                                                            £750 plus VAT
IHT400 and statement of truth                                                                            £1500 plus VAT

 


Application to claim transferable Nil Rate Band                                                  £300 plus VAT
Application to claim Main Residence Allowance                                                  £300 plus VAT
Application to claim transferable Main Residence Allowance                            £300 plus VAT


Option three – hourly rates


If you really do not like the idea of percentage fees we can charge on an hourly rate.  Hourly rates are set according to the experience of our team.  These are as follows:-

Kelly Duke Director and Probate Accredited Fellow of the Institute of Legal Executives         £300 plus VAT

                                                                                                                              

 

 

 

Other charges


Disbursements


These are fees that are payable to third parties other than Argo for other services that may be provided.  These could be:-


Probate application fee                                                                      £155
Additional copies of Probate                                                             £1.50 per copy
Copy birth, marriage and death certificates                                    price varies according to date
Property Land Registry title check                                                     £3
Property and personal item valuation                                              price varies according to valuer
Unclaimed Asset Register search                                                      £25 to £150 plus VAT
Debt advertisement    (S27 Trustee Act Notices)                             £150 to £300 plus VAT
Bankruptcy searches                                                                          £3
Electronic identification searches                                                     £
15 plus VAT (per name)
Certainty will search                                                                           variable
Specialist unoccupied property insurance                                      variable
Postal redirection                                                                               according to Post Office
Indemnity for missing share certificates                                          according to share registrars
Land Registry transfer fees                                                                set by the Land Registry 
Photocopying charges                                                                       £25 plus VAT
Bank transfer charges                                                                 
     according to bank 

What is not included in the above?


There will be additional charges for the following which will be at a fixed rate agreed with you.  The costs for the range of services are detailed below.  Where a fixed fee has not been specified costs will be charge at hourly rates and we would anticipate that costs would fall between £300 pus VAT and £1,500 plus VAT, task dependent.


•    Registering the death                                                                                                 £300 plus VAT
•    Arranging the funeral service                                                                                    £400 plus VAT
•    Locating the whereabouts of a missing will                                                             hourly rate
•    Locating documents to claim transferrable Inheritance Tax allowances             see option 2
•    Renunciation of executor                                                                                           £150 plus VAT
•    Locating missing or unknown beneficiaries                                                             hourly rates
•    Preparation of court statements                                                                               hourly rates
•    Completion of family tree on intestacy                                                                     hourly rates
•    Dealing with DWP benefit investigation                                                                    hourly rates
•    Confirming certificated shareholdings and dealing with split of shares to beneficiaries

                                                                                                                                            hourly rates   
•    Calculating and preparing split of assets to be assented to charitable beneficiaries

                                                                                                                                            £300 plus VAT
•    Sale of land or property (not completed by Argo)
•    Dealing with property outside England and Wales                                                  hourly rate
•    Dealing with incapacity issues for executors or beneficiaries                                 hourly rate
•    Establishing trusts created by the terms of the will or intestacy                            trust charges
•    Closure of trusts created by the terms of the will or intestacy                               trust charges
•    Varying trusts created by the terms of the will or intestacy                                    trust charges
•    Dealing with any challenges to the estate                                                                 hourly rates
•    Dealing with income tax to death / during administration (no tax return)            £150 plus VAT
•    Completion of estate tax return to date of death / during administration           £500 plus VAT               
•    Preparation of a tax deduction certificate   
                                                             £30 plus VAT 
•    Resealing of grants in foreign jurisdictions                                                                hourly rates
•    
Completion of assent for transfer of assets  (not property)                                    £150 plus VAT

•    Land Registry transfer for property ownership                                                         £300 plus VAT


When Argo complete the full administration of an estate we will prepare a set of estate accounts for retention by the personal representatives.  We make a fixed charge of £600 plus VAT for this service for a simple set of accounts.  

 

Complex accounts will be charged at a rate agreed with the executors.

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