Probate

Managed discretely and handled sensitively by our experienced team.

‍

After a loved one passes, there is a formal process needed for the administration of their estate.

‍

Probate can be an extremely complicated and time-consuming process, even for the smallest of estates. Even if there has been advanced Inheritance Planning, there is still much to be done.

‍

Our expert advisers can help you determine how complex a process this will be.

‍

Our close relationship with clients and a thorough understanding of their finances, means we are expertly placed to help you. We can offer trusted support to you and your family at a very stressful and difficult time.

‍

Our fees

‍

The time this process takes is likely to vary significantly because it is dependent on many different factors. Our charges are based on the complexity of the work and the time it takes to resolve issues arising.

‍

We offer you a choice: We will work to a fixed fee or charge on a time basis. For the latter we will provide you an estimate and we will update you as your case progresses. We will also bring to your attention anything we identify that may significantly alter this estimate.

‍

In order that you can gauge costs we have created some client scenarios to which we have associated costs.

‍

We will work with the executors and keep them updated on a regular basis so that they know where we are with a case. As a simple guide:

• It can take two to three months to identify and value assets/liabilities and prepare the Inheritance Tax forms and apply for probate.
• Selling assets and collecting in money can take three to six months.
• Settling tax liabilities, preparing estate accounts and making final payments can take two months.

‍

You will usually receive the grant of probate or letters of administration within 16 weeks of submitting the application.

‍
It can take longer if we are required to provide additional information.

‍

Client Scenarios

Scenario 1 easily identifiable low value assets

• Obtaining a grant of probate.
• Working with executors
• A simple will exists and assets are well understood and easy to value.
• Assets were not subject to Inheritance Tax.
• Valuations are easily obtained and there are no complicating factors.
• Relevant Inheritance Tax form is completed (IHT205) and a probate application is made on behalf of the executor(s).
• Executors deal with the administration of the estate.
• Total fees between £1,200 and £1,750 (including VAT).

‍

Scenario 2 (high value assets, easily identifiable, simple will)

• Calculating Inheritance Tax and obtaining a grant of probate ()
• The estate has Inheritance tax to pay but assets are well understood.
• There may be beneficiaries.
• Valuations are reasonably easy to obtain and there are no complicating factors.
• Relevant Inheritance Tax forms are prepared (IHT400) and a probate application made on behalf of the executors.
• Executors deal with the administration of the estate although some hand-holding is provided.
• Total fees between £2,500 and £3,500 (including VAT).

‍

Scenario 3 Acting on behalf of executors

• For some estates we look after the complete process of:
• Identifying assets, valuing the estate & calculating Inheritance Tax
• Applying for probate
• Collecting in assets and distributing assets to beneficiaries
• Accounting for estate and completing the necessary returns
• Total fees between £10,000 and £14,000 (including VAT)

‍

Scenario 4 Acting on behalf of executors (complex estate)

• Identifying and seeking valuations of assets.
• Working in foreign jurisdictions.
• Dealing with high value assets including agricultural property.
• Dealing with complicated business assets.
• Assisting with the administration of the estate.
• Accounting for the estate and completing the necessary trust tax returns.
• Total fees between £20,000 and £35,000 (including VAT).

‍

Disbursements

‍

Probate Application Fees are £155.

‍
There is a small additional charge for extra copies of the Grant of Probate.

‍

Bankruptcy search – £5 per beneficiary

‍

Notification in The London Gazette and a local newspaper of the individual’s death to protect against claims from unknown creditors – £300 to £500.

‍

Our Services

‍

• Send notifications of death to financial institutions, Government organisations, utilities and household contacts;
• Ascertain whether there is any entitlement to bereavement allowances or benefits;
• Finalise the income tax and capital gains tax position of the deceased at the date of death. This work to commence from the date of commencement of the tax year [insert relevant tax year];
• Review the Will, codicils and legacies to ensure that they are valid and prepare affidavits where necessary;
• Ascertain who the beneficiaries are;
• Identify the composition of the estate and ascertain whether a grant is needed;
• Value the estate;
• Prepare any inheritance tax return;
• Prepare the papers for application for a grant of probate / grant of administration;
• Place statutory notices of death in the London Gazette;
• Obtain the grant;
• Take control of and gather in the assets of the estate;
• Pay the debts of the estate including tax liabilities;
• Finalise the estate tax;
• Pay legacies and transfer the balance to the residuary beneficiaries; and
• Prepare estate accounts.

‍

In the event you are not happy with our service

‍

We look to provide clients with a high level of service but should you feel that we have not delivered on this, please let us know by contacting the head of legal practice, Matthew Brown.  We will consider carefully any complaint that you may make about our probate services as soon as we receive it and will do all we can to resolve the issue. We will acknowledge your complaint within five business days of its receipt and endeavour to deal with it within 8 weeks. Any complaint should be submitted to us by letter.

‍

If we do not deal with it within this timescale or you are unhappy with our response we give you, you may of course take the matter up with our professional body the Institute of Chartered Accountants in England and Wales and the Legal Ombudsman.

Complaints to the Legal Ombudsman should be made within one year of the act or omission, or within one year of you becoming aware of the issue, and in either case within six months of our written response to your complaint to us. The contact details for the Legal Ombudsman are:

‍

Letter: The Legal Ombudsman, PO Box 6806, Wolverhampton WV1 9WJ
Email: enquiries@legalombudsman.org.uk
Telephone: 0300 555 0333

‍

‍

We are licensed by the Institute of Chartered Accountants in England and Wales to carry out the reserved legal activity of non-contentious probate in England and Wales. Details of our probate registration can be found at under reference number C002742901.

‍

In the unlikely event that we cannot meet our liabilities to you, you may be able to seek a grant from ICAEW’s Compensation Scheme. Generally, applications for a grant must be made to ICAEW within 12 months of the time you become aware, or reasonably ought to have been aware of the loss. Further information about the scheme and the circumstances in which grants may be made is available on ICAEW’s website: www.icaew.com/probate

‍

Our professional indemnity insurer is Markel (UK) Limited, of Verity House, 6 Canal Wharf, Leeds, LS11 5AS. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States or Canada.

‍