Before you ask us to help you administer an estate and possibly get Probate (or a get a Grant of Letters of Administration if there is no Will, in the case of an ‘Intestacy’) you will want to understand what our charges will be. We are open and clear about charges.
We administer many estates every year. Sometimes we are specifically appointed as an executor by a Will and in other cases executors will ask us to provide assistance. We are usually working closely with family members and beneficiaries and always deal with matters sensitively and professionally. We communicate clearly how we can help and make the legal formalities straightforward. We provide an expert personal service from our offices in Shrewsbury and Telford.
We can visit you at home if you do not feel able to come to our offices.
“I found McKenzie Law have been amazing in this very difficult time. They have been helpful and approachable, explaining everything in simple terms”.
An initial meeting with Executors (and in appropriate cases, beneficiaries) to discuss what will be involved in administering the estate and our fees for helping, will always be free of charge
We often administer an estate for a fixed fee which we agree with any non-professional executors and/or beneficiaries before we start work. In other cases we always give the residuary beneficiaries accurate information about costs and keep them updated as matters progress. We will make it clear what is included within any fixed fee.
Sometimes in more complicated cases we are not able to agree a fixed fee to cover all the work because there is too much that is unknown, for example the extent of the assets and liabilities. In these cases a cost limit can be agreed with either the non-professional executors or the residuary beneficiaries. In these more complex cases we consider the Law Society guidelines as, ultimately our fees must be fair and reasonable for our clients and us. We want happy clients and beneficiaries to recommend our services to others.
At the outset of administering an estate we will always agree our terms and fees with a non professional executor and in other cases always advise the residuary beneficiaries about our costs.
We always give information about legal charges to our clients when they make their Wills and want to appoint us to be an Executor.
What does an Executor have to do?
a) Ensure that funeral arrangements are properly carried out
b) Calculate the value of the estate and to complete the account detailing the assets and liabilities that must be submitted to HMRC. This can sometimes be needed even if no grant is required to deal with the estate.
c) Obtain the appropriate Grant (Probate or a Grant of Letters of Administration).
d) Ensure that all of the deceased persons assets are bought under the executor’s control and where necessary converted to cash.
e) Ensure that the deceased persons liabilities are settled in full (including the funeral account and any Inheritance Tax liability).
f) Finalise the deceased persons Income Tax affairs to the date of death with HMRC and to pay any outstanding tax or alternatively to obtain any refund that may be due to the estate. This may be necessary even if a Grant is not required to deal with the estate.
g) Submit details of any income received after the date of death to HMRC, to notify HMRC of the sale of assets such as properties, stocks and shares and to pay any Income Tax and Capital Gains Tax that may be due.
h) Ensure that any legacies contained or referred to in the Will are either paid or distributed.
i) Prepare Estate Accounts showing how the amount due to the beneficiaries entitled to the remainder of the estate (known as the residuary of beneficiaries) has been calculated.
j) Ensure that the remainder of the estate is paid to the appropriate beneficiaries.
We can provide as much or as little help as you need.
“Helped greatly with the complicated administration of a relative’s estate. Very professional and caring”.
Very occasionally after someone has died their beneficiaries will ask us to ‘renounce’ or give up our executorship where we are appointed by the Will. We always consider these requests carefully and weigh up what is in the best interests of our deceased client (bearing in mind any wishes they expressed to us before they died) and ultimately, all of the beneficiaries. Renouncing our executorship will involve some legal work as our Directors have to sign a legal document that we draft confirming the situation. We charge a fair fee to cover this work representative of the time involved.