PROBATE
This firm is now licensed and regulated by the Institute of England & Wales (ICAEW) to carry out non-contentious probate work.
Probate is the process of obtaining a ‘Grant of Representation’ by the deceased’s executors or
‘Letters of Administration’ by the personal representatives if there is no will so they can deal
with the affairs of the deceased and administer the estate.
It can take from 6 to 12 months, or if the estate is complex much longer to obtain probate.
PROBATE FEES AND ADMINISTRATION OF THE ESTATE
Fees for obtaining probate, and if required for administration of the estate will be calculated
on a time basis; the time incurred will be dependent on the size and complexity of the estate,
and whether inheritance tax will be due. There is a cap on the fees charged which is 2% +
VAT of the gross value of the estate, or 4% + VAT if the estate holds foreign assets.
The hourly charges are £175 + VAT per hour.
LIST OF SERVICES LOUGHREY & CO CAN ASSIST WITH INCLUDES:
Inheritance tax planning
Estate administration and probate including;
- Obtaining the list of assets and liabilities of the estate
- Reviewing all paperwork including the will and death certificate
- Completion of Inheritance tax forms and calculation of IHT
- Making the application for the grant of probate or letters of administration
- Receiving the grant of probate of letters of administration
- Collection of assets and debts, settling of liabilities
- Distribution of estate in accordance with the will or Intestates’ Estates Act.
PROBATE COMPENSATION SCHEME
As Loughrey & Co is licensed and authorised for the legal activity of non-contentious
probate and has professional indemnity insurance, in the unlikely event we cannot meet
our liabilities to you, you may be able to seek a grant from ICAEW’s Probate
Compensation Scheme. Generally, applications for a grant must be made to ICAEW
within 12 months of the times you became 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 the ICAEW website www.ICAEW.com/probate .
COMPLAINTS PROCEDURE
Details of this firm’s complaints procedure are included in our letter of engagement.
If you'd like to talk to us about improving our service to you, or you are unhappy with the
service currently received, please contact Mr Mark Loughrey. This firm will consider
carefully any complaint made about our probate services as soon as we receive it. We
will acknowledge your complaint within five working days of receipt and endeavor
to deal with it within eight weeks.
If we do not deal with it within this time frame or you are unhappy with our response you
may take your complaint to the professional body; The Institute of Chartered
Accountants in England & Wales ( ICAEW)
https://www.icaew.com/regulation/complaints-process, or with the Legal Ombudsman.
Complaints to the Legal Ombudsman should be made within one year of the act or
omission or one year of you realising that there was cause for complaint, and in either
case within six months of our written response to your complaint to us.
The contact details are;
Legal Ombudsman
PO Box 6167
SLOUGH SL1 0EH
Or via email at enquiries@legalombudsman.org.uk
DIVERSITY SURVEY EVALUATION
Loughrey & Co has conducted a diversity survey, the purpose being to gather evidence
and to encourage a strong, independent, diverse and effective profession.
In 2023 67% of the staff members were male, and 33% were female.