Hidden charges for assisting with Estate Administration
At Bowcock Cuerden we understand how important it is for any costs to be as transparent as possible from the start of an enquiry. In this blog we highlight extra charges that you could unexpectedly be faced with when dealing with a deceased’s Estate.
Percentage of the gross Estate
Some firms, along with their hourly rate, will charge a percentage of the Estate’s full value.
The Law Society has set guidance which applies where a Solicitor is appointed as an Executor (solely or jointly). They suggest that the charges should be 0.75% of the value of land and buildings and 1.5% of the rest of the gross Estate.
If a Solicitor is not acting as an Executor, the guidance slightly reduces to 1% of the gross Estate and 0.5% value of the residence.
Professional Executors
If the deceased has appointed a Solicitor, or Solicitor’s firm, to act as professional Executor, the Solicitors can charge fees for acting in relation to the Estate administration.
However, having professional Executors does give a peace of mind that your Estate will be administrated correctly upon your passing.
It is usually recommended in complex estates, where no one is able act on your behalf or where there is a risk that a dispute may arise in relation to the terms of the Will.
Any costs of appointing Solicitors as Executors should be made clear at the time of appointing them.
Why choose Bowcock Cuerden?
At Bowcock Cuerden we pride ourselves on only charging for our time spent dealing with the Estate. We do not charge a percentage of the gross Estate, meaning that money does not get swallowed by excessive legal fees.
From your initial enquiry we will be as transparent as we can in relation to how much our involvement in administrating the Estate will be. We believe it is important to be as upfront as possible about legal costs.
If you wish to talk to a member of our Private Client regarding any queries, please call the office on 01270 611106.
This blog is not intended to be comprehensive or to provide specific legal advice. It should not be relied upon in the absence of specific advice given in relation to particular circumstances.
