Probate Service and Executor of Choice
Applying for the legal right to deal with someone’s property, money and possessions (their ‘estate’) when they die is called ‘applying for probate’.
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If the person left a will, you will get a ‘grant of probate’. If the person did not leave a will, you will get ‘letters of administration’. You normally have to pay at least some of the tax before you are granted probate.
The Probate Process usually involves:
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The probate process usually involves:
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Assessing the value of the Estate (4 weeks from date of death, dependent on the number of assets and how quickly organisations responds)
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Assessing Inheritance Tax (IHT) Liability (8 weeks from the date of death)
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Applying for probate (3-6 weeks)
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Informing interested parties (ask them to release the funds and deal with the accounts, involving transferring funds to another account, closing accounts, or releasing assets)
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Gathering, selling or transferring assets of the estate
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Paying any debts owed by the estate
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Completing any other miscellaneous work (e.g. obtaining clearance when required from HMRC that the tax position is covered off. Report to HMRC with income tax during the administration period if required.)
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Distributing remaining assets
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If your estate is complex and requires the sale and distribution of property or overseas assets, the amount of work involved can be an added burden to your loved ones during a time of grief.
Your Executor of Choice
By appointing P & Co as an executor (a party you nominate in your will to carry out your wishes) or administrator of your will, we can reduce your administrative burden by handling the paperwork on your behalf. And if you are the executor or administrator of a large, complex estate consisting of multiple assets and investments, we can help take up the responsibilities of navigating through the probate procedures and manage the whole process for you.
Our knowledgeable and experienced advisors can provide you with tailor-made probate solutions to fit your unique financial needs to protect your wealth and maximise the benefits for your family and other beneficiaries.
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Professional Indemnity Insurance
We have professional indemnity insurance in place in accordance with ICAEW regulations. Our professional indemnity insurance cover is up to a maximum of £1.5 million in any one claim, legal costs in addition and is capped at this level.
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Legal Ombudsman
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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 emailing your point of contact at P&Co or here.
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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.
The Legal Ombudsman’s ability to deal with your complaint is dependent on the following factors;
a) you must refer the complaint to the Legal Ombudsman no later than:
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six years from the act/omission; or
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three years from when you should reasonably have known there was cause for complaint; and
b) you must refer the complaint to the Legal Ombudsman within six months of the date of our written response.
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Contact details for the Legal Ombudsman
T: 0300 555 0333
E: enquiries@legalombudsman.org.uk
Legal Ombudsman, PO Box 6806, Wolverhampton WV1 9WJ
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P & Co is registered with ICAEW. If you want to complain to ICAEW, please visit here.
For information on the ICAEW Probate Compensation Scheme, please visit the ICAEW's website.
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your success
is our success
Our company ethos is simple. By using our expertise, network and presence to help you succeed will in turn bring success to P&Co. We do this by becoming partners in your business, not just your accountant. This is why our clients not only receive excellent technical work but see significant value over and beyond what they expect.
Your Success Is Our Success
Our ethos is simple. Using our expertise, network, and presence to help you succeed will in turn bring success to P&Co. We go beyond accounting, acting as true partners in your business. This approach ensures you receive not only excellent technical work but also added value that exceeds expectations.
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#YourSuccessIsOurSuccess