probate services

Applying for a Grant of Probate involves a lot of paperwork, and liaising with various government offices, from the Probate Registry to HMRC. Losing a loved one is difficult enough without the additional burden of estate administration, so many people prefer to hire a professional.

While it isn’t a legal requirement to appoint a probate specialist, many people find it useful to hire a qualified accountant who can handle these matters on their behalf. If you are unfamiliar with the processes of probate application and estate management and find the associated responsibilities too daunting to deal with alone, don’t worry – the team at gbac is here to assist you.

which probate services do you offer?

Here at gbac, we have an experienced team of financial specialists who are more than capable of managing probate affairs for you. Not only can we assist with Inheritance Tax planning (IHT) and estate planning before death, but we can also oversee a range of probate services, including the following:

• Applying for Grant of Probate
• Investigating/valuing the estate
• Estate administration without a Will
• Resolving disputed identification of beneficiaries
• Paying tax and debts to relevant parties
• Distributing assets according to the Will
• Selling property or transferring ownership
• Managing Trusts specified in the Will

Our team can advise you on any aspect or the entire process, providing as little or as much guidance and administrative support as you require. We’re happy to tailor our probate services to suit your individual needs, whether that’s simply completing your probate application or managing all of your executor duties. You can rest assured that we’ll carry out your obligations as efficiently as possible.

what are the likely costs of administering an estate?

All estate work can be tailored to each individual case, we can do as little or as much as you require at these difficult times.

The below are guide prices, we will discuss our fees on an individual case by case basis:

Obtaining a Grant

Where we are solely asked to obtain the Grant of Probate or Letters of Administration and do no other work, you will provide us with all the information that we require, and we only complete the paperwork.

• Where form IHT205 is required: £900 plus VAT of £180 and probate registry fee of £273, total payable £1,353. Further disbursements may be payable but vary per Estate.
• Where Inheritance Tax is payable: £1,350 plus VAT of £270 and probate registry fee of £273, total payable £1,893. Further disbursements may be payable but vary per Estate.

Administering an Estate

Where we are asked to fully administer an Estate, including obtaining the Grant of Probate or Letters of Administration our charges may be calculated as follows:

• For estates where form IHT205 is required, and there has been no gifting during the previous 7 years of the Deceased’s lifetime and there are a maximum of 5 assets: £3,000 plus VAT of £600 and probate registry fee of £273 total payable £3,873 plus disbursements.
• For estates where a form IHT400 is required, and there are a less than 5 assets: £5,250 plus VAT of £1,050 and probate registry fee of £273 total payable £6,573 plus disbursements.
• For estates where there are more than 5 assets, price is on request following an initial meeting or communication.

The above prices exclude disbursements, which are costs payable to third parties and vary per Estate (prices correct at time of publishing):

• Each additional copy of the Grant of Probate or Letters Of Administration £1.50.
• HM Land Registry Office Copy Entries £3.00.
• Unclaimed Assets Registry Search £25.00.
• Trustee Act Notices £395.00 (approximately).

Our quotations are based on the estimated time and complexity of the estate based on the information provided by you, should we find that the time has been underestimated our hourly rate for handling the estate is £186 inclusive of VAT. Cases typically exceed the quoted fee when unknown information comes to light during the course of the work, for example an invalid Will, further assets are identified, properties are found to be not registered. Any understatement will be discussed and agreed with you at the time so that there are no surprises once the estate is complete.

how can gbac help with probate documents?

Obtaining a Grant of Probate and fulfilling duties as executor of an estate can be an arduous undertaking, which is why we keep things moving as smoothly as possible for our clients. When you entrust gbac with probate and estate administration, we’ll provide complete peace of mind.

We can initiate and complete a variety of probate administration tasks at GBAC Limited and our sister company GBAC Estates and Probate Services Limited, including (but not restricted to):

• FREE initial consultation with a dedicated case manager (up to 60 minutes).
• Detailed review of your estate under current Inheritance Tax rules including:
  – Considering the need for a Deed of Variation
  – Claiming valuable reliefs and exemptions from Inheritance Tax.
• Step-by-step estate administration process (you can carry this out yourself if you prefer).
• Grant of Probate application and/or Letters of Administration application.
• Assistance with asset valuations for the deceased’s estate including valuations of shares in unquoted businesses.
• Preparation of estate accounts and tax returns.
• Submission of relevant Inheritance Tax information to HMRC.
• Completion of final tax returns to date of death.

The process is fairly straightforward for an uncontested estate. In any case, we can take instruction on:

• Contacting banks, building societies, and utility providers.
• Finding details of outstanding debts (owed by or to the deceased).
• Closing the deceased’s bank account to gather funds in one place.
• Claiming pensions and life insurance policies.
• Dividing collected monies in accordance with the Will.
• Transferring shares and property ownership to beneficiaries.
• Paying fees, expenses, bills, and debts.
• Assisting with the sale of property.

If the deceased’s estate does not have adequate funds or assets to cover its liabilities, the situation can be complicated. In this case, it’s best to consult an expert, like gbac.

Whatever your circumstances may be, the team of accountants at gbac are proficient in probate management. We can confidently promise that any applications and administration we carry out on your behalf will be done with the utmost care, whilst keeping time, costs, and risks to a minimum.

contact us today for probate services

We know that bereavement is a sensitive subject, which is why gbac is fully trained and authorised to provide the support you need during such a difficult time. We’re here to help you find the best route forward and take care of the bureaucracy so you can focus on what matters: your loved ones.

For our existing clients, we have extensive knowledge of their finances and assets that can greatly help family members after a bereavement. Whether we have a strong relationship with your family already or you’re completely new to gbac, we’ll welcome you warmly and offer mindful guidance.

Allow us to help you make the probate process as stress-free as it can be for you and your relatives during this trying time. For more information on how we can assist you, please call our team on 01226 298 298, or write us an email at info@gbac.co.uk and we’ll be in touch to discuss your needs.

GBAC Estate and Probate Services Limited 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 probate work alone. The estate administration work is carried out by our accounting arm, GBAC Limited which is authorised and regulated by ACCA. You can talk to us if you need more information about this. Our Professional Indemnity Insurance (PII) 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.

If, at any time, you would like to make suggestions for improvements to our services, please contact gbac to let us know. Details on how to do so can be found in our Complaints Handling Procedure.