Why Barker Maule & Co
Barker Maule & Co are authorised by the Institute of Chartered Accountants in England and Wales (ICAEW) to carry out non contentious probate work and estate administration.
Barker Maule & Co has served the Newark business community for over 80 years and offers a comprehensive range of accountancy and advisory services. The firm is authorised by the Financial Conduct Authority to offer investment and pension advice, and also operates an agency for the Yorkshire Building Society.
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.
How we can help
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.
Barker Maule’s full probate and estates administration service includes;
- Compiling details of the deceased’s assets and liabilities
- Obtaining professional valuations
- Completing inheritance tax (IHT) accounts and returns
- Claiming appropriate IHT reliefs and exemptions and calculating the IHT payable
- Applying for and obtaining the grant of representation
- Gathering in or selling the assets of the estate
- Placing a notice in the Gazette to allow possible creditors to come forward
- Settling the debts of the deceased and arranging payment of IHT
- Reviewing potential tax savings through a variation of the Will within 2 years
- Dealing with income and capital gains tax liabilities of the estate
- Paying legacies and distributing assets to the beneficiaries
- Preparing final estate accounts.
Time and Fees
The time taken to undertake the work necessary to take care of an estate will vary significantly depending on a number of factors. It is not possible to provide a general price for the work. However, we do not charge based on a percentage of an estate but instead on the complexity of the work and time taken to resolve issues. We can either work to a fixed fee or charge on a time basis. If the latter we will provide you with an estimate in advance of undertaking any work.
It is also difficult to provide a general timeline for probate services as there are many things that can affect the process. What we seek to do is work with the executors and keep them informed of progress on a regular basis so that they know where we are with a case. As a basic guide:
- It may take two to three months to identify and value assets/liabilities and prepare the Inheritance Tax forms and apply for probate.
- Selling assets and collecting in money may take three to six months depending on the market for those assets.
- Settling tax liabilities, preparing estate accounts and making final payments to beneficiaries may take two months.
At the outset we will provide an estimate of fees keep you appraised as the case progresses. If we identify anything that is likely to significantly alter the fee we will bring this to your attention as soon as possible.
For us communication during what is likely to be a difficult time is an essential part of delivering the client service that has built our reputation.
Our fees for administering the estate of a deceased and assisting with probate are in the region of £2,000 plus VAT to £10,000 plus VAT for more complex cases.
Our probate team members hourly rates are £350 plus VAT for a director and £275 plus VAT for a manager.
In the unlikely event that 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 of 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.
We look to provide clients with a high level of service but should you feel that we have not delivered on this, please let us know by contacting Hassan Rashid. We will consider carefully any complaint that you may make about our probate services as soon as we receive it and will look to resolve the issue. We will acknowledge your complaint within five business days of its receipt and endeavour to deal with it within 8 weeks. Any complaint should be submitted to us in writing.
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, ICAEW, and the Legal Ombudsman. Complaints to the Legal Ombudsman should be made within six years of the act or omission or within three years of you becoming aware of the issue, and in either case within six months of our written response to your complaint to us. The contact details for the Legal Ombudsman are:
Letter: Legal Ombudsman, PO Box 6806, Wolverhampton, WV1 9WJ,
Telephone: 0300 555 0333.
Further information on Barker Maule’s services can be obtained by contacting Hassan Rashid or Phil Ball on 01636 704154 or email firstname.lastname@example.org
To view the Barker Maule & Co Diversity Questionnaire Summary please click here.
Details of our probate accreditation can be viewed at www.icaew.com/probate under reference number C005385866.