£6,200 FULL ESTATE ADMINISTRATION SERVICE BREAKDOWN
(This is a breakdown of the actual Estate Administration used in the example):
Deceased was a full time resident within the UK
Estate values: The total Estate (no jointly held assets) was £998,346.00.
WIDOWED PERSON HAD DIED:
We processed a claim of the deceased's wife so that Inheritance Tax was saved on £325,000 at 40%.
DISBURSEMENTS. Disbursements is an awful word used by us Lawyers that basically means expenses payable to 3rd parties, like the VAT man. Our Fully-Inclusive Fixed-Fees INCLUDE everything needed for a normal Estate Administration such as VAT, Court application fees, up to 10 x sealed copy Grants, Land Registration fees (£150 in this case) - but it doesn't include things that are optional and not normally necessary, including professional valuations, insurance etc. In this case the Executors were not beneficiaries of the Estate and they decided to protect themselves against future claims against them for debts that they didn't know about which cost £194.58. The Executors also decided to pay for a Chartered Surveyor's report (opposed to Estate Agent Valuations) and that cost the Estate £359.67.
ASSETS.
CASH: £180.
BANK ACCOUNTS: 6 UK Accounts.
PERSONAL BELONGINGS AND JEWELLERY (valued at £246.92)
BONDS/INSURANCE POLICIES: x 3.
SHAREHOLDINGS (with certificates): 7 x holdings (including 2 x lost certificates).
HOUSE/FLAT: 1 House (registered at Land Registry). There was no HMRC challenge to the value submitted.
INHERITANCE TAX was payable. |