Probate Work - Transparency
Fees for probate work
An assessment of our fees will be made following an initial meeting after we have assessed the nature and complexity of the work. Our fees are based on the time necessarily taken to deal with the work and as a guide our fees will range from 1% to 2% of the gross value of the estate.
Time scale
We will provide an estimated timescale after reviewing the estate and its complexity. Typically, the estate can be dealt with between one and two years. We will keep you informed as to progress at regular intervals.
Standard terms of business
description of services FOR PROBATE CLIENTS
Our services typically include the following:
1. Initial meeting to explain the administrative and tax aspects of the dealing with assets of the deceased.
2. Preparation of an initial summary of the estate assets and liabilities
3. Discussing the preferred division of duties in dealing with the estate and statutory compliance procedures
4. Providing you with an estimate of fees and timescale
Specific matters that will be dealt with may include:
a) sending notifications of death to the relevant government organisations, financial institutions, utility providers and others as may be necessary.
b) identifying any entitlement to bereavement allowances or benefits
c) Liaising with the deceased tax advisors regarding finalisation of the income tax and capital gains tax position of the deceased for the tax year of death as required.
d) ensuring the validity of the will, codicils and legacies (if a will is found)
e) preparing any necessary affidavits
f) identifying the beneficiaries based on the provided information
g) advising whether a grant is required
h) obtaining a valuation of the estate
i) preparing the inheritance tax returns
j) prepare the application for a grant of probate.
k) placing statutory notices in The Gazette
l) preparing any appropriate oaths
m) obtaining the grant
n) taking control and gathering the assets of the estate
o) paying debts of the estate, including tax liabilities
p) finalising the estate tax
q) paying any legacies
r) transferring the remaining balance to the residuary beneficiaries; and
s) preparing the estate accounts
t) generally, advising you on the inheritance tax position and possible mitigation
u) Preparing trust and estate tax returns during the administration period
v) Liaising with you throughout the period
PROBATE WORK - Complaints Procedure
If you would like to talk about how we can improve our service to you, or if you are unhappy with the service you are receiving, please let us know by contacting Mr Robert Soteriou or Mr Piero Soteriou.
We will consider carefully any complaint that you may make about our probate or estate administration work as soon as we receive it and will do all we can to resolve the issue. We will acknowledge your letter within five business days of its receipt and endeavour to deal with it within 8 weeks. Any compliant should be submitted to us by letter. 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 the Institute of Chartered Accountants in England and Wales and the Legal Ombudsman (LeO).
The Legal Ombudsman’s ability to deal with your complaint is dependent on the following factors:
· You must refer the complaint to the Legal Ombudsman no later than:
Ø Six years from the act/mission; or
Ø Three years from when you should reasonably have known that there was cause for a complaint; and
Ø You must refer the complaint to the Legal Ombudsman within six months of the date of our written response.
The contact details for the Legal Ombudsman are:
Legal Ombudsman
PO Box 6806
Wolverhampton
WV1 9WJ.
Email: enquires@legalombudsman.org.uk or telephone 0300 555 0333.
REGULATORY INFORMATION (Reg 2.7w) FOR PROBABTE WORK
Soteriou Banerji are regulated for a range of investment business activities; and licensed to carry out the reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales.
In the unlikely event 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 or 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
Soteriou Banerji has professional indemnity insurance with QBE European Operations.