Probate Work and Estate Management photo

Probate Work and Estate Management

Lemans are licensed by the Institute of Chartered Accountants in England and Wales (ICAEW) to carry out non contentious probate work and estate administration.

Lemans has served the Nottingham business community and beyond for over 100 years and offers a comprehensive range of accountancy and advisory services.

The firm has been assisting with estate work for several years, however probate was one service it could not offer until now.

As accountants it makes good sense for us to provide this extra service when we are already providing inheritance tax and succession planning advice. Our clients trust us implicitly to handle their financial affairs. We have the knowledge and expertise to handle complex accounting and financial matters of the deceased’s assets and liabilities on death. We have found that some solicitors are often not comfortable with the financial intricacies surrounding probate leading to added stress and cost.

See ICAEW’s short video ‘why choose an accountant for probate services’

 https://www.icaew.com/technical/legal-and-regulatory/probate-services/information-for-consumers/why-choose-your-accountant-for-probate

Clients will be able to choose the level of service they require at the outset. We can either carry out the entire probate and administration process or we can assist in those areas where help is needed.

Leman’s full probate and estates administration service includes;

  1. Compiling details of the deceased’s assets and liabilities
  2. Obtaining professional valuations
  3. Completing inheritance tax (IHT) accounts and returns
  4. Claiming appropriate IHT reliefs and exemptions and calculating the IHT payable and arranging payment of IHT
  5. Applying for and obtaining the grant of representation
  6. Gathering in or selling the assets of the estate
  7. Running a client account/collecting funds and settling the debts of the deceased
  8. Reviewing potential tax savings through a variation of the Will within 2 years
  9. Dealing with income and capital gains tax liabilities of the estate
  10. Paying legacies and distributing assets to the beneficiaries
  11. Preparing final estate accounts

How much does Probate cost?

Fees will be based on the time spent, taking into account the complexity involved rather than simply charging a fixed percentage of the estate value, which many other providers do.

No two estates are ever the same and there is no such thing as a typical estate. We charge our fees on a time spent basis as we consider this fairly reflects each individual estate and will reflect both the complexity of the assignment and the amount of our involvement required. Some clients simply want us to fill out forms.

Our hourly rates range from £80 per hour for an assistant, £110 per hour for a manager to £150-£200 per hour for a partner. We will discuss your individual case with you and based on this we will provide you with an indicative level of fees, and in certain circumstances, we will agree a fee cap with you.

Typically, our fees for simply obtaining a grant of probate based on all of the information being provided to us by the family with an estate containing a main residence, two or three bank accounts and a share portfolio are likely to start from £2,250 plus VAT.

We usually find the average costs of handling the full process for a simple estate, including the administration, is likely to be in the region of £4,500 - £9,500 plus VAT.

This would include Lemans full probate and estate administration service detailed above.

In addition to our fees there are other costs associated with obtaining probate. We will either request these amounts directly from you, or we can disburse them on your behalf and add them to our fees.

These will be expenses such as:

Probate application fee £273*

*Prices current as at 26 January 2022

How long does it take?

We usual find that obtaining grant of probate can take anywhere in the region of 3-6 months and sometimes longer. This will be largely dependent on the availability of information from third parties.

Do you offer free consultations? A fixed fee? Free quote?

We will always have an initial meeting/phone call to ascertain what work is required etc. This is free and no obligation. Following the initial consultation, we would then provide a fee estimate based upon your particular circumstances. We do not tend to give fixed fees due to the intricacies and differences to each case, however, we may agree a fee cap with you and provide a likely range of fees.

Complaints

We always strive to provide you a superb client service. However, 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 by contacting Helen MacMillan.

We will consider carefully any complaint you may 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 withing 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 the matter up with the Legal Ombudsman. The contact details for the Legal Ombudsman are:

Telephone: 0300 555 0333

Post: Legal Ombudsman, PO Box 6806, Wolverhampton WV1 9WJ

Email: enquiries@legalombudsman.org.uk

Ordinarily, the following time scales apply:

  • The act of omission, or when the complainant should reasonably have known there was cause for complaint, must have been after 5 October 2010: and
  • Three years from when the complainant should reasonably have known there was cause for complaint: and
  • The complainant must refer the complaint to the Legal Ombudsman within six months of the date of our written response,

Probate Compensation Scheme

Please note that as a licenced firm Lemans is covered by the ICAEW’s Probate Compensation Scheme as set out on the ICAEW website. You will note that the maximum amount paid out under the terms of this scheme is currently £500,000.

Further information on Leman’s services can be obtained by contacting Helen Macmillan on 0115 9787291 or email helen@lemans.co.uk

To view the Leman’s Diversity Questionnaire Summary please click here.

Require more information?

If you would like more information or would like to speak to us direct then call us on 0115 978 7291. Or if you would prefer, ask us a question online.