Professional costs in probate matters are based on the Law Society’s current guidelines.
The scale of charges is calculated based on past experience in dealing with estates of certain sizes, considering the nature of the assets held and what would be required to administer the estate.
The estimate may be subject to variation from the scale of charges if the estate comprises only a few assets and the work involved would be considerably less.
Another reason that the costs may vary is because of unforeseen complexities which may arise, including;
- Missing assets
- Missing documents
- Missing beneficiaries
- Tax calculations and returns
- Protracted correspondence with Registrars
- Incorrect supply of details by institutions and rectification
- Tax saving/planning issues
- Disputes between executors, administrators or beneficiaries
- Deeds of Variation
- Disputes with asset holding institutions
- Charity-related requirements
Charges will vary depending on what is involved in administering the estate. It isn’t usually possible to know straight away what may be involved and how much help and advice is required. However, when a matter is completed, the overall amount charged is reviewed and ensured that it is fair and reasonable in the circumstances. This will give consideration to a number of aspects, including the complexity, the number and value of assets that have to be dealt with, and the level of responsibility involved.