Expenses that are or may commonly be incurred in the administration of an estate are:
- Where the value of the estate exceeds £5,000, the Probate Registry charges a fee of £273 for issuing the grant of probate. There is also a £1.50 charge 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 Will search – £114 approximately.
- Estate Search asset and liability search – £268 approximately.
- Statutory advertisements for creditors – £250 – £300 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.