ICAEW is now an approved regulator and licencing authority for probate work in England and Wales. This is a landmark event as it means that, subject to accreditation, chartered accountants may provide the reserved legal service that is probate by way of business.
The application process opened on 21 September 2014 and at McDade Roberts we were keen to follow through on this opportunity with our staff members among the first individuals to qualify in November 2014 and we are now delighted to announce the arrival of our new specialist licensed company, MR Probate Ltd, who will conduct this work.
What is probate?
Probate is the process of obtaining a grant of representation by a deceased individuals executors so that they can administer the estate and deal with the affairs of the deceased.
Those charged with the administration of the estate are known as the personal representatives and will either be Executors as detailed in a valid will or in the absence of a will it will be determined under the intestacy rules. In order to obtain the necessary authority to administer the Deceased’s estate and distribute the assets, the personal representatives need to apply to the probate registry, for a grant of representation. This may be in the form of a grant of probate or letters of administration.
It should be noted that there are some exceptions which will not require probate to be obtained and this includes when the deceased assets are no more than £5,000; or if all assets pass directly to a joint owner. However in most other cases probate will be required.
Why choose us?
At McDade Roberts we pride ourselves on becoming the trusted advisor for our clients and by now being able to provide this previously restricted legal service we believe that we can help further. There is a clear tie in between services that we already provide such as Inheritance Tax planning and submission of the returns to HMRC and filing for the grant of probate so the process can now be brought together.
Over the course of our client relationships we, as accountants, are amongst the few outside close family who have a real appreciation of the financial and tax affairs of our clients and this level of knowledge will be extremely helpful in assisting and advising on probate. Through relationships gained it is also likely that we will also have a true understanding of the deceased intentions for the estate.
We appreciate the pressures on the bereaved at such a time of loss and grief, and aim to relieve the stress of dealing with probate.
The Team
MR Probate Ltd will be headed up by director and authorised individual , Martin Garry and he will be supported by the rest of the MR team.