Probate

We can manage the entire probate process on your behalf or can simply support and advise you in your own application.

Our services might include:

• Initial meeting and information gathering
• Valuing the assets and establishing the liabilities of the estate (bringing in specialist valuers, as required)
• Preparing an Inheritance Tax Account
• Application of the Grant of Probate or Letters of Administration
• Realising and collecting in the assets of the estate
• Settling the liabilities and any taxes payable
• Preparing the final estate accounts
• Distributing the estate

We will also advise you of any tax reliefs or elections that might be appropriate and can also look at other tax efficiencies including consideration of deeds of variation.

Our firm supports the ICAEW’s best practice of price and service transparency.

Each case will be different, and the cost will depend upon the value and complexity of the estate. We offer an initial, no obligations consultation where we will discuss and assess the level of support that you need. Following that meeting we will provide you with a fee estimate and timeline setting out the steps and expected costs. We will also highlight any aspects which might either cause delay or add to the cost of the application and or administration. 

We will offer a fixed price service based upon the expected level of support required although we are also happy to work on a pure time spent basis. Our hourly rate for probate services is £198.00 net of VAT (£237.60 inclusive of VAT).

The following paragraphs provide an indication of the likely level of costs that you might expect.

We do offer a grant only service. That is where we will simply assist with the formal probate application on behalf of the personal representatives and leave you to administer and distribute the estate. Typically, this will be for estates that are not taxable to Inheritance Tax and where the executor/personal representative provides us with all the necessary information to complete the probate paperwork. In such cases, our cost would be:

Where a simplified Inheritance Tax Account is required

Typically, 4 to 5 hours work £950.40 - £1,188.00 inclusive of VAT

Where a full inheritance Tax Account is required

Typically, 6 to 10 hours work £1,425.60 - £2,376.00 inclusive of VAT

Probate registry fees, as detailed below, would also apply.

We also offer a full service including and overseeing all steps detailed above. The actual cost will depend upon complexity, the number of assets in the estate, number of beneficiaries, difficulties in identifying and tracing beneficiaries, valuations of business interests, consideration of reliefs and exemptions. However, as a guide we would suggest:

For a straightforward estate including the simplified Inheritance Tax Account

Typically, 10 to 15 Hours £2,376.00 - £3,564.00 inclusive of VAT

For a more complex estate including a full inheritance Tax Account

Could take anything from 15 to 50 Hours £3,564.00 - £11,880.00 inclusive of VAT

Probate registry fees, as detailed below, would also apply.

Each application to the court will incur a Probate Registry fee of £300.00. There is also a cost of £1.50 for each additional copy of the grant that you require.

Other costs that might need to be considered during the whole probate administration process might include:

• Insurance and other costs of security estate property
• Specialist valuation fees
• Conveyancing and estate agent fees if dealing with property
• Statutory Notice fees, including notices to creditors
• Bankruptcy search fees

We will keep you advised of progress throughout our engagement but typically we would aim to complete the Grant application within three months.

The full administration of a straightforward estate would typically take between 6 and 12 months to finalise. More complex cases may take longer, particularly if there are property interests to be sold 

Friends.Tax LLP is 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 accreditation can be viewed at icaew.com/probate under reference number C008493522 [add hyperlink] https://www.icaew.com/-/media/corporate/files/technical/legal-and-regulatory/probate-and-abs/register-of-icaew-accredited-probate-firms.ashx

Friends.Tax LLP fully supports the ICAEW diversity objectives. In accordance with those objectives, this firm will carry out diversity reviews every two years. Friends.Tax LLP is an inclusive organisation, and we welcome everyone through the door. Friends.Tax LLP have undertaken the ICAEW’s diversity review and have supplied the data to our professional body. We are unable to publish the results as the data has been collected from small data-sets which would identify individual members of our firm.

Details of our terms and conditions for probate services, including our internal complaints procedure together with details of how and when you can make a complaint to the legal Ombudsman can be found here 

The ICAEW requires all probate registered firms to carry a minimum of £500,000 of professional indemnity cover. We carry insurance beyond that minimum.

The ICAEW also maintain a probate compensation scheme https://www.icaew.com/regulation/probate-services/support-for-probate-accredited-firms/probate-compensation-scheme-regulations?fromSearch=1

The following link also provides further advice https://www.icaew.com/regulation/complaints-process