Mr A, married with one son and two grandchildren, died leaving an estate consisting of:
- a family home owned as joint tenants with his surviving wife;
- a portfolio of investments managed by a wealth manager; and
- both joint and sole bank accounts.
He had made lifetime gifts but in the seven years before his death all gifts were covered by his annual exemptions.
His Will appointed his wife and son as executors, left legacies to his son and grandchildren and the residue of his estate to his surviving wife.
Our fees at present hourly rates would be in the region of:
Fees: £6,800
VAT at 20% on fees: £1,360
Disbursements: £393 (probate fee, grant fee, bankruptcy search fees)
Giving a total of: £8,553.
In this example, the value of the estate is £464,000 and the estate administration would take around 11 months. |
Mrs D, a widow, died in a nursing home. Her assets consisted of:
- an apartment in an attractive seafront retirement complex;
- three bank accounts and National Savings Certificates;
- foreign currency;
- various antiques and jewellery which were sold at auction;
- a portfolio of investments with a wealth manager; and two further directly held investments.
Mrs D was the beneficiary of a trust which was dealt with separately but impacted on the taxation of the estate.
Mrs D had made 12 reportable lifetime gifts in the seven years prior to her death most of which were identified on a comprehensive review of her bank statements by us as her executors had limited knowledge of her financial arrangements.
Her Will left 21 cash legacies to individuals and charities.
The residue of her estate after tax and expenses was split equally between 13 beneficiaries a number of which were living overseas.
The retirement apartment was already on the market at the date of death and took a further 18 months to sell which delayed the completion of the estate considerably.
Our fees at present hourly rates would be in the region of:
Fees: £42,000
VAT at 20% on fees: £8,400
Disbursements: £1,503 (probate fee, grant fee, statutory adverts, valuation fee, asset searches, bankruptcy search fees, foreign bankruptcy searches)
Giving a total of: £51,903.
In this example, the value of the estate is approximately £1.55 million. The estate administration would take around 30 months to complete. |