If you have a simple or excepted estate and we do not need to complete the IHT forms on your behalf, then our costs in relation to verifying the value of the estate and submitting the probate application will be in the region of £1,500 + VAT.
Our Probate Services
Dealing with the probate process can be a daunting and overwhelming task, especially during a time of grief and loss. At Larking Gowen we understand the challenges you face and are here to offer a compassionate and professional service to guide you through the whole process. Our team of experienced probate specialists is committed to providing you with the support and expertise you need to navigate probate efficiently and effectively and with our experience and knowledge we can advise on income tax, capital gains tax and inheritance tax all together, helping to minimise your overall tax liability.
Why Choose Us?
- Expertise and Knowledge: Our team consists of skilled probate professionals who have in-depth knowledge and expertise in probate laws and procedures.
- Comprehensive Assistance: We offer a full range of probate services to assist you at every stage of the process.
- Efficient and Timely Process: We understand that the probate process can be lengthy and time-consuming. With our experience and knowledge, we can navigate through the necessary paperwork, legal requirements in a timely manner.
- Clear Communication: We believe in the importance of clear and open communication. Throughout the probate process, we will keep you informed, explain the steps involved, and address any questions or concerns you may have.
- Personalised Approach: We recognise that every estate is unique, and our approach reflects that. We take the time to understand your specific circumstances, family dynamics, and goals.
For our existing clients, we have much of the information we need to deal with the estate on our files which means we can process the probate application quickly and efficiently.
Once you contact us, we'll take the following steps in administering the estate:
- Establish the assets and liabilities as at the date of death.
- Prepare tax returns and computations.
- Application for Grant of Probate or Letters of Administration
- Call in assets and settle liabilities.
- Deal with income tax and capital gains tax liabilities of the estate
- Distribution to beneficiaries
- Preparation of final estate accounts
We can act as executors or work with the executors named in the will. If you want to deal with some of the work yourself, we can help with tax returns and correspondence with HMRC.
The fees for our services are charged based on the time spent at hourly rates for the individuals involved on your assignment (the cost is dependent on the seniority of the person carrying out the work).
We will provide you with an estimate of our fee for the work that we have agreed to undertake on your behalf, prior to work starting. Additional services will be charged at the relevant hourly rates.
Invoices will be raised throughout the assignment unless otherwise agreed. We do not usually demand settlement of fees until after you have obtained probate and have access to funds in the estate.
Costs incurred on your behalf such as the probate application fee will be added to our charges but are not subject to VAT.
We do not charge fees based on the value of the estate.
It will typically take at least 6 months to get the grant of probate.
This is because once the assets and liabilities of an estate have been established, we would then complete the inheritance tax forms and submit these to HMRC where required. We then must wait 20 days after their submission to HMRC before we can send in the probate application as we need to have allowed enough time for HMRC to have sent the IHT421 form to the registry.
Currently the probate registry is taking 16 weeks to process applications.
For a £1m estate with 2 bank accounts, investments and 1 property where we have completed estate accounts, the IHT forms and probate application, we have charged in the region of £3,500 + VAT plus the probate application fee.
For a £0.5m estate with 6 bank accounts, ISA investment and 1 property where we have completed estate accounts, the IHT forms, probate application and we called in all the assets and liabilities and then distributed these in accordance with the Will, we have charged in the region of £4,250 + VAT plus the probate application fee.
Quality of Service
If you would like to talk to us about how we could improve our service to you, or if you are unhappy with the service you are receiving, please let us know.
We will carefully consider any complaint you make about our probate or estate administration work as soon as we receive it and do all we can to resolve it. We will acknowledge your letter within five business days of its receipt and endeavour to deal with it within eight weeks. If we do not deal with your complaint in this time, or if you are unhappy with our response, you may of course take up the matter with the Legal Ombudsman (LeO).
To make a complaint to the Legal Ombudsman, you must;
a) refer the complaint to the Legal Ombudsman no later than:
- one year from the act/omission that forms the basis of your complaint; or
- one year from when you should reasonably have known there was cause for complaint; and
b) make the referral to the Legal Ombudsman within six months of the date of our final written response to you.
Contact details for the Legal Ombudsman
T: 0300 555 0333
Legal Ombudsman, PO Box 6806, Wolverhampton WV1 9WJ
In the unlikely event that we cannot meet our liabilities to you, you may be able to seek a grant from ICAEW’s Probate Compensation Scheme. Generally, applications for a grant must be made to ICAEW within 12 months of the time you became aware, or reasonably ought to have become 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
Let Us Lighten Your Probate Burden Today!
Don't navigate the probate process alone. Contact us to schedule a consultation with our probate team. We will guide you through the intricacies of probate, providing you with the support, guidance, and expertise you need during this challenging time. With our trusted probate services, you can find peace of mind knowing that your loved one's estate is in capable hands. Let us lighten your probate burden and help you navigate the process with care and efficiency.
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