You have your ICAEW licence authorising you to provide probate services, but what do you do when things take a contentious turn?
ICAEW guidance on probate services came into force last month to provide a clear framework in which to operate. The guidance includes a warning that members acting outside of the framework will face ICAEW disciplinary action.
When providing estate administration services (whether it be as executor or acting for the executor) and undertaking probate related activities which are managed as a process and a fee is involved, the practitioner must be licensed for the reserved service.
The ICAEW confirms that accountancy practices without a licence cannot
- handle the whole probate process
- be pro-active in the process (all activities need to be managed by the executor)
- submit the PA1 (although they can assist with the completion, provided that the executor is in complete control of it)
- sign or submit the IHT400 or IHT205, unless they have express authority from the executor who must have seen it prior to submission (they can fill it in and calculate the numbers)
- assemble the documentation for submission
- draft the oath
- swear the oath (unless as an unpaid executor).
In comparison, an accountancy practice with a licence or authorisation can carry out all of these activities mostly without restriction. One major limitation however is that they cannot carry out contentious probate matters.
When probate becomes contentious it is important to seek advice from an ACTAPS registered specialist who is experienced in dealing with the complex area of contentious trust and probate. Not seeking professional advice could lead practitioners open to professional negligence claims.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.
Related insights
Thinking of selling your business? Here’s how to get it right
If selling your business has been sitting on the “maybe someday” list, you’re not alone. Although the wider economic climate remains cautious, there are always owners who need or want…
Read moreManaging disputes and protecting your cash flow
Disputes are an unfortunate but common part of running a business. Late payment, disagreements over contract terms or a breakdown in a trading relationship can be commonplace and can often…
Read moreYour Will should change as your life does – when did you last review yours?
It’s a common misconception not only that Wills are something to think about later in life, but that once written, the job is done. In reality, a Will should evolve…
Read moreSpring clean your business’s contracts and policies
As your business grows and the legal landscape continues to shift, scheduling an annual “spring clean” of your contracts and internal policies is a smart way to stay compliant and…
Read moreNational Pet Day: Why pet owners should think about a pet‑nup
As the UK celebrates National Pet Day this month, it’s the perfect moment to celebrate the animals who brighten our lives – and to think practically about their wellbeing should…
Read more