Probate Services

Hayhow & Co Probate Ltd are authorised as a CILEX-ACCA Probate Entity by CILEx Regulation 3001246

At Hayhow & Co we like to form life-long relationships with our clients, which includes looking after our client’s affairs. We understand that losing someone can be a very difficult time, and administering the estate can be onerous.

Hayhow & Co can offer advice and support which is clear and concise, covering all aspects of the process involved.

Why choose Hayhow & Co:

• Friendly and approachable service
• Advice, support and assistance with estate administration; completing probate forms and applying/filing for grant of probate; including obtaining Grant of Probate, dealing with property and distribution of assets
• Preparing estate accounts
• Valuation of business
• Calculating the Inheritance tax liability and explaining any payments instalment options
• Dealing with HM Revenue & Customs on behalf of the estate, including liabilities
• General advice and support on the role of the estate executor/administrator

We believe the benefits of using Hayhow & Co is that over the course of our client relationships we have developed a real appreciation and understanding of the financial and tax affairs of our clients.

This knowledge can be very helpful when assisting and advising on probate, as we will also have a clear understanding of the deceased intentions.

If you want to find out more about our services please do not hesitate to contact Hayhow & Co for more information.

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Information

Pricing

We have a range of services that can be offered to you regarding probate, each package can be tailored to your needs, the exact cost will depend on your specific circumstances.

Such services include:

• applying for the grant of probate,
• collecting and distributing the assets

For example, if there is one beneficiary and no property, costs will be at the lower end. If there are several beneficiaries, property and multiple bank accounts, costs will be at the higher end. We will carry out all the work for you, based on the engagement letter.

• there is a valid will
• there is no more than one property
• there are no more than X bank or building society accounts • there are no intangible assets
• there are up to x beneficiaries
• the beneficiaries agree on division of assets, if disputes arise costs are likely to increase
• inheritance tax does not have to be paid and a full account is not required to be submitted to HMRC
• no claims are made against the estate

Additional costs

There are also costs that have to be paid to other organisations, known as disbursements. Where applicable VAT is included at 20%.

• Probate application fee
• Swearing of the oath
• Bankruptcy-only Land Charges Department searches
• Placing a notice in The London Gazette
• Placing a notice in a local newspaper

Potential additional costs

The list below gives an indication of work which might need to be carried out at an additional cost. We can give you a more accurate quote once we have more information about your specific situation.

• there is no will or it has been altered after signature
• executors have died or refuse to act
• the estate consists of shareholdings (stocks and bonds)
• additional copies of the grant are required
• dealing with the sale or transfer of any property in the estate is not included.
• work required if inheritance tax is payable, including preparing full inheritance tax account, submission to and dealing with HMRC
• there are missing beneficiaries

You may consider collecting the following information to help generate a probate quote (this list is not intended to be exhaustive):

• whether there is a will and if it has been located
• identity of inquirer and, if they are not an executor, whether all executors have died or refused to act
• estimated value of assets
• whether there is property in the estate
• whether any property is outside England and Wales
• whether the grant of probate is likely to be contested
• number of actual assets/ liabilities apart from properties and their value
• number of properties and their value
• number of beneficiaries
• are any of the beneficiaries lacking capacity under the Mental Health Act or minors
• are there any trusts in the will
• is the estate a taxable one or not
• whether any gifts were made in lifetime • any missing beneficiaries
• any forensic work needed to create family tree under intestacy

Service Information

The tailored price of our service’s typically involve:

• Identify all the deceased’s assets (property, investments and possessions) and all their liabilities (debts, for example, loans and utility bills), to be able to work out the value of their estate.
• Verify entitlement to the estate under the terms of the deceased’s Will, or in line with Intestacy laws if they died without a Will.
• Obtain the necessary identification documents for the beneficiaries.
• Pay Inheritance Tax to HM Revenue & Customs (HMRC) where applicable, and submit the correct Inheritance Tax return (required whether or not tax has to be paid),
• Apply to the Probate Registry for the Grant of Representation - a document confirming the legal authority to administer the Estate.
• After the Grant of Representation is supplied by the Probate Registry, sell the deceased’s assets, settle their liabilities, pay the final Estate administration expenses and account to HMRC for any further Inheritance Tax, any Income Tax or Capital Gains Tax due to or from the Estate.
• Prepare Estate accounts recording all payments into and out of the Estate, and showing the balance left for distribution to the beneficiaries.
• Send the Estate accounts to the Personal Representatives (such as the Executor) for approval.
• Providing there are no challenges to the Estate or other complicating factors preventing distribution at this stage, transfer any assets that the beneficiaries wish to retain, and distribute the balance of the Estate funds.

How long will the work take?

On average, for simple cases we will try and conclude the estate administration within 6 - 12 months of being instructed:

• We allow 3-4 months for obtaining the Grant of Representation from the point we are instructed.
• Collecting assets then follows, which can take a further 3–4 months.
• Once this has been done, distribution of the assets normally takes a further 3-4 months.
• The above time estimates are for guidance only and vary depending upon the work involved.
• Large and/or more complex estates will take longer to conclude as there will likely be Inheritance tax issues which will require us to liaise with HM Revenue and Customs (HMRC). HMRC can take up to 6 months to finalise their own position on an estate, and this increases the time it will take for us to conclude the estate administration.
• Where there are one or more properties in an estate that need to be sold, there might be a delay if a buyer is not found quickly.

PII Information

We are authorised and regulated by CILEx Regulation to provide probate legal services. If we carry out both: probate or letters of administration work, and estate administration work, we are authorised and regulated by CILEx Regulation for the part of the work relating to probate or letters of administration work. The estate administration work is carried out by the accountancy firm Hayhow & CO which is authorised and regulated by ACCA. You can talk to us if you need more information about this. We have Professional Indemnity Insurance (PII) which covers all work that we provide. This insurance ensures that you do not lose out financially in the unlikely event that the firm makes a mistake.

Complaints

We want to give you the best possible service. However, if at any point you become unhappy or concerned about the service we provided to you then you should inform us immediately so that we can do our best to resolve the problem for you. In the first instance it may be helpful to contact the individual who is working on your case to discuss any concerns and we will do our best to resolve any issues at this stage.

Where your complaint relates to the misconduct of a CILEX Practitioner (ACCA-Probate), you can refer your complaint free of charge to CILEx Regulation for them to investigate. Misconduct complaints must be made within 12 months of the act or omission that gave rise to the complaint or within 12 months of the complainant having knowledge of the act or omission that gave rise to the complaint, whichever is the greater.

What happens if I don’t agree with your views on the complaint?

If we are unable to resolve the complaint with you then you can have the complaint independently looked at by the Legal Ombudsman. The Legal Ombudsman investigates problems about poor service from accountants.

Before accepting a complaint for investigation the Legal Ombudsman will check that you have tried to resolve your complaint with us first. If you have,then you must take your complaint to the Legal Ombudsman:

• Within six months of receiving a final response to your complaint and
• No more than six years from the date of act/omission;or
• No more than three years from when you should reasonably have known there was cause for complaint.

If you would like more information about the Legal Ombudsman please contact them:

Contact details:

Visit www.legalombudsman.org.uk

Call 03005550333 between 9am to 5pm.

Email enquiries@legalombudsman.org.uk

Legal Ombudsman PO Box 6806, Wolverhampton, WV19WJ