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The examples below are based on past cases undertaked by us. They are provided are for illustrative purposes only and do not constitute legal or financial advice. Actual costs, timelines, and processes may vary depending on the complexity of the estate, the nature of the assets and liabilities, and any legal or tax issues involved. All figures, including fees and disbursements, are estimates based on typical scenarios and may change. Please contact us directly for a quote.
Example 1: Simple Estate
Scenario:
- Valid Will
- 1 property without a mortgage (marketed by a local agent and sold via a local conveyancer under the direct instruction of the executors – their costs were deducted from the proceeds)
- 2 bank accounts
- No inheritance tax payable
- 2 beneficiaries who were also the the executors
- No disputes and no trusts
Assets:
- Home valued at £450,000
- Bank savings of £40,000
Liabilities:
- Funeral costs: £4,000 (paid by a family member who needed reimbursing)
- Utility bills and credit card: £2,000
Estimated Costs:
- Legal fees: £1,400
- Disbursements: None
Total Estimated Cost: £1,400
Our services included comunicating with all parties and opening an executors bank account. We arranged for funds to be transferred to the executors bank account, settled the debts and distributed the funds to the beneficiaries. On completion we prepared the estae accounts for approval be the executors.
Example 2: Medium Estate
Scenario:
- Valid Will
- 1 property without a mortgage (marketed by a local agent and sold via a local conveyancer under the direct instruction of the executors – their costs were deducted from the proceeds)
- 4 bank accounts
- Small investment portfolio held with a broker
- 2 pension
- A collection of porcelain
- A car
- 4 beneficiaries
- Inheritance tax paid
- No disputes and no trusts
Assets:
- Home: £485,000
- Bank accounts: £68,000
- Investments: £125,000
Liabilities:
- Funeral: £5,000 (paid out of the deceased’s bank account)
- Credit card, debts due a local care home, and council tax: £13,000
Estimated Costs:
- Legal fees: £3,600
- Disbursements:
- Gazette notice: £92.20 + VAT = £125.80 (under Section 27 of the Trustee Act 1925)
Total Estimated Cost: £3,725.80 (including disbursements)
Our services included advising the executors and taking instructions from them. It was decided that one of the beneficiaries wanted to keep the car and another wanted their mothers collection of porcelain and these were allocated at the ageed probate value. We comunicated with all parties and opened an executors bank account. We arranged for funds to be transferred to the executors bank account, settled the debts and distributed the funds to the beneficiaries. On completion we prepared the estae accounts for approval be the executors.
Example 3: Complex Estate
Scenario:
- Valid Will with trusts
- 2 properties, one with a mortgage in arrears. (marketed by a local agent and sold via a local conveyancer under the direct instruction of the executors – their costs were deducted from the proceeds)
- A car with an outstanding hire purchase debt
- A static caravan on a site in Devon
- 14 bank accounts with small balances
- Shares in 11 stock market companies all held in own name
- Premium bonds
- National Savings Certificates
- A life assurance policy
- 4 pensions
- 3 Minor beneficiaries, 2 residual beneficiaries and gifts to 6 different charities
- Inheritance tax payable
- Income tax returns required due to rental income, dividend income and bank interest
- No disputes
Assets:
- Properties: £1.2 million
- Bank accounts: £6,000
- NS&I £193,000
- Investments: £318,000
- Other items £62,000
Liabilities:
- Funeral: £6,000
- Mortgage £126,000
- Caravan site fees £3,200
- Other debts £9,200
Estimated Costs:
- Legal fees: £11,000
- Disbursements:
- Gazette notice: £92.20 + VAT = £125.80 (under Section 27 of the Trustee Act 1925)
- Accountancy fees for tax returns: £1,000 + VAT = £1,200
Total Estimated Cost: £12,325.80 (including VAT and disbursements)
Our services included advising the executors and taking instructions from them. We comunicated with all parties and opened an executors bank account. We arranged for funds to be transferred to the executors bank account, settled the debts and distributed the funds to the beneficiaries. On completion we prepared the estae accounts for approval be the executors. We also submitted form C4 Inheritance Tax: corrective account to HMRC, to correct the valuation of a property that subsiquently sold for less that the original valuation resulting in a refund of Inheritance tax.
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