What does Estate Management Cost?
For our services we charge a flat fee (regardless of the value of the estate) for obtaining the Grant of probate, plus the Disbursements (ie the court filing fees-which DOES depend on the value of the estate, & advertising costs). For some clients, they only want us to apply for Probate, & they will attend to the distribution of the estate.
Other clients want us to help with the calling in of assets, dealing with the financial institutions, paying out all the liabilities, determining any tax liabilities that may apply, paying the tax liability & transferring ownership of assets & finally distributing the estate to the rightful beneficiaries. For this we charge on an hourly basis (& naturally will depend on how many assets & the type of assets that need to be dealt with.
Solicitors charge based on a scale determined by the Law Society, and is associated with the value of the estate to be processed. Plus, they will also charge on an hourly basis for the time taken to call in assets & distribute to the beneficiaries. The Public Trustee charges a percentage of the value of the estate, & is usually quite expensive, as at 1/7/2018 the NSW Trustee & Guardian will charge a one- off fee (currently $22,550 for a $1M estate for solely owned assets) plus an estate administration fee of 0.77% of the value of the assets to be administered ie another $7,700pa, plus disbursements, plus additional fees for transferring property. So, it can be an expensive exercise.
If you are interested in finding out more, why not call us or email us to find out what you need to do & get a quote.