Probate
After someone dies there is a formal process required for the administration of their estate. For all but the smallest of estates this can be complicated and take up a significant amount of time for an executor. The complexity of the probate process will depend upon the assets owned by the deceased and the terms of their will.
Why Tayabali & White?
This is potentially a difficult time so use advisers that you know and trust.
What the work entails
There are many things to consider when seeking to obtain probate.
Time and fees
Understand the basis on which we charge for probate work.
Case studies
The scope of probate services we provide is broad and depends on the needs of the executors.
Why Tayabali & White?
As an organisation we are well placed to provide probate services. We typically have a close relationship with our clients which gives us a detailed knowledge of what assets they have and what income they generate. There is also a good chance that we have assisted with some form of Inheritance Planning so we know what gifts may have been made, whether trusts may have been established or what other provisions our clients have made. We may also have a good understanding of particular family dynamics. Perhaps most importantly, as a result of working with our clients for many years, we are also in a privileged position of trust meaning that, at a difficult time, there is someone who was familiar with the deceased who is in a position to help carry out their final wishes.
What the work entails
Identifying the assets of the deceased and obtaining confirmation from Banks/Building Societies/Valuers/Stockbrokers etc. on the value of the assets.
Calculation of any Inheritance Tax liability.
Obtain the Grant of Probate.
Collecting all the assets of the estate e.g. money from bank accounts, shares from stockbrokers and proceeds from selling the deceased’s property.
Settling any debts that need to be paid e.g. unpaid bills and tax liabilities.
Placing a notice in The Gazette to allow possible creditors to come forward to ensure that there are no surprises further down the line.
Distributing the estate to the beneficiaries of the will.
Preparing a final account of the estate for approval by the executors.
Estate returns as necessary.
Time and fees
The time taken to undertake the work necessary to take care of an estate will vary significantly depending on a number of factors. It is not possible to provide a general price for the work. However, we do not charge based on a percentage of an estate but instead on the complexity of the work and time taken to resolve issues. We can either work to a fixed fee or charge on a time basis. If the latter we will provide you with an estimate in advance of undertaking any work. For an idea of the scope of work that we undertake and the possible costs associated with this please see “Case Studies”.
It is also difficult to provide a general timeline for probate services as there are many things that can affect the process. What we seek to do is work with the executors and keep them informed of progress on a regular basis so that they know where we are with a case. As a basic guide:
- It may 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 may take three to six months depending on the market for those assets.
- Settling tax liabilities, preparing estate accounts and making final payments to beneficiaries may take two months.
At the outset we will provide an estimate of fees keep you appraised as the case progresses. If we identify anything that is likely to significantly alter the fee we will bring this to your attention as soon as possible.
For us communication during what is likely to be a difficult time is an essential part of delivering the client service that has built our reputation.
Case studies
Case Study 1
Obtaining a grant of probate (easily identifiable low value assets).
We have worked with executors where there is a simple will and assets are well understood and easy to value.
These assets were not subject to Inheritance Tax.
Valuations were easily obtained and there were no complicating factors.
The relevant Inheritance Tax form was completed (IHT205) and a probate application made on behalf of the executors.
The executors dealt with the administration of the estate.
Total fees between £1,200 and £1,750 (including VAT).
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Case Study 2
Calculating Inheritance Tax and obtaining a grant of probate (high value assets, easily identifiable, simple will)
We have undertaken assignments where the estate has Inheritance tax to pay but has well understood assets.
There may be one or few beneficiaries.
Valuations have been reasonably easy to obtain and there were no complicating factors.
The relevant Inheritance Tax forms have been prepared (IHT400) and a probate application made on behalf of the executors.
The executors dealt with the administration of the estate although some hand-holding was required.
Total fees between £2,500 and £3,500 (including VAT).
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Case Study 3
Acting on behalf of executors
For some estates we have been asked to undertake the full 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)
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Case Study 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).
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Disbursements
Probate Application Fees are £273. 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 individuals death to protect against claims from unknown creditors – £300 to £500.
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 C002011335.
We are a small firm operating in a reasonably specialist field in a part of the country that is not especially diverse. As our work remains largely office-based we do not, consequently, have a huge choice of candidates for roles when they are made available. However, despite these potential restrictions the firm has a good mix of male and female employees and a good range of age profiles. There is some ethnicity diversity and employees have a varied background. We consider ourselves an equal opportunities employer and would not discriminate on the grounds of age, sex, religion or cultural background.
The results of our 2023 diversity survey can be viewed in this diversity results PDF (789KB).
Compensation Scheme
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.
Complaints
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 / probate contact partner Imran Tayabali. We will consider carefully any complaint that you may make about our probate services as soon as we receive it and will look 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 in writing.
If we do not deal with it within this timescale or you are unhappy with our response you may of course take the matter up with our professional body, ICAEW, and the Legal Ombudsman. Complaints to the Legal Ombudsman should be made within six years of the act or omission or within three years 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: Legal Ombudsman, PO Box 6806, Wolverhampton, WV1 9WJ,
Email: enquiries@legalombudsman.org.uk
Telephone: 0300 555 0333.
