Expenses which are or may commonly be incurred in the administration of an estate are:
- Probate Registry fees of £155 to obtain the Grant plus £1.50 for each sealed copy of the Grant you require.
- Inheritance Tax which in general terms is charged at the rate of 40% upon the net estate for Inheritance Tax purposes after deduction of available tax allowances.
- Land Registry fees to check the property title – £3 per property.
- Certainty register search – £120 plus VAT approximately.
- Landmark lost assets search – £200 approximately.
- Statutory advertisements for creditors – £250 approximately.
Additional expenses may be incurred if it is necessary to instruct experts to, for example, value sell or otherwise deal with assets, such as property, personal effects, business interests and shares.
Income Tax, Capital Gains Tax and possibly other taxes plus accountancy fees may need to be paid to finalise the deceased’s lifetime tax affairs and the estate administration tax position.