Lloyds Probate

Probate Service Probate can be a difficult and confusing process at a time of great distress for you and your loved ones. Whether you’re new to this or have been through it before it isn’t easy and shouldn’t be done alone. In your time of need, Lloyds Probate services can help you with probate every step of the way. Our experts in probate are experienced, professional and understanding and can support you through the process at this difficult time. What is probate? Probate is the first step in the legal process of administering the estate of a deceased person resolving all claims and distributing the deceased’s assets under a Will. Please note that the process for probate is known by different names in Northern Ireland and Scotland and is also dealt with separately in those countries. In Northern Ireland it is known as ‘grant of probate’ and in Scotland, it’s known as ‘confirmation’. In the past, probate used to be something only a solicitor could do. In August 2014 however, accountants were also given the right to offer probate services. Allowing accountants to provide a probate service saves time as the lawyer will, in any case, have to get in contact with an accountant for financial information on the deceased at some point. Why go to an accountant to do probate? By going directly to an accountant first, rather than the time honoured tradition of going to a lawyer, you are cutting out the middle man which saves time for you. Dealing with probate is a very numerical matter that requires the accounts for the deceased person. To get the account information of the deceased that is needed for the solicitor, they will have to go to an accountant or the accountant of the deceased. It also saves money as hiring a lawyer can cost considerably more than it would if you went to an accountant. Unlike solicitors and banks that charge on a percentage of the assets, accountants usually just charge on a time basis. Dealing with probate is a sensitive issue and it’s being done at a very sensitive time in your life. Our accountants have excellent client services and are very understanding. We will help you assemble all the information regarding the assets and liabilities of the deceased loved one. Additionally, we will assist you in the preparation of any personal tax returns that are required up to the date of death and the tax returns that are required to pay any Inheritance Tax that may be required before the grant of Probate can be issued. We can organise everything so that any liabilities and expenses of the estate are paid before distributing the assets. We will also ensure that the assets are distributed to those that are legally entitled to them (this is normally dealt with by the deceased’s will). How much does our probate service cost? We work on a clear fee structure agreed in advance, unlike solicitors and banks that traditionally charge on a percentage of the assets, we charge on a time basis unless agreed otherwise at the start of the engagement. Our hourly rate is £210 + VAT and we would expect an average estate administration to cost in the region of £5,000 + VAT. For more advice on probate or for extra information on how our probate service can help, give us a call today at 01545 580474 or email us at enquiry@lloydsprobate.co.uk Dealing with probate Dealing with the administration of an individual’s estate can be a complex and time-consuming experience, which carries with it a number of legal obligations. We are licensed by the Institute of Chartered Accountants in England and Wales to carry out non-contentious probate. What does probate involve? Probate is the process of dealing with a deceased individual’s estate in order to ensure that their property, money and possessions are distributed in accordance with their wishes. When executing a will, there is a number of requirements that need to be met and forms to be filled before an individual’s estate can be finalised and distributed to the relevant beneficiaries. Listed below are some key steps to probate: 1. Check if the deceased has a valid will. 2. Your accountant or solicitor will need to obtain a professional valuation of the estate and then report this valuation to HMRC. This step involves locating all of the assets, investments and liabilities relating to the estate, including any gifts made by the deceased during the last seven years. 3. If the deceased’s assets are worth more than £5,000, they’re then able to apply for probate online (if you have the original will, the original death certificate and have reported the valuation of the estate to HMRC) or by post. There is an application fee for this. Typically, our probate service fee is cheaper than a solicitor. 4. You must then pay any Inheritance tax that’s due. The standard rate for this tax is 40%, however, this is dependent on the value of the estate and whether it is classified as being under or over the threshold (£325,000). This is another tricky step as a range of reliefs, exceptions and exemptions can apply so check with our probate specialists first. 5. Following this, the executor now has the legal authority to deal with the estate, including sending a copy of the grant to relevant organisations like banks in order for them to release the assets. Any outstanding household bills, debts or mortgages must be settled too. 6. A record of the estate accounts needs to be kept, including how any property, money or possessions are to be split. 7. Finally, the assets can be distributed and passed on to any beneficiaries named in the will. How should I be preparing my estate? It’s never too early to begin planning for the future, and preparing your financial affairs by writing a tax-efficient will is good practice for anyone concerned about their family’s welfare in the event of their passing. Allocating your assets early on ensures that your wishes are carried out in the event that you do pass unexpectedly, and this enables you to exercise control over your property and personal belongings, as well as providing peace of mind for you and your loved ones. How we can help with probate Dealing with probate requires intricate knowledge of finance and is an overall heavily numerical matter. In order to acquire the relevant account information of the deceased, it’s best to go through a qualified, specialist accountant as they can swiftly and efficiently access the relevant accounting information that a solicitor isn’t typically privy to. This post is intended to provide information of general interest about current business/ accounting issues. It should not replace professional advice tailored to your specific circumstances. Lloyds Probate is the trading name of Lloyds Probate Services Ltd, Company number 12685637, registered in England and Wales. Registered office Brynwerydd, Gwenlli, Synod Inn SA44 6JH. Authorised by the Institute of Chartered Accountants England and Wales to carry out the reserved legal activity of non contentious probate in England and Wales. Probate registration number C008550761, the ICAEW probate register can be accessed at icaew.com/probate Lloyds Probate services holds professional indemnity insurance to the minimum standard required by ICAEW probate regulations. The probate regulations can be accessed at icaew.com/regulations Complaints All complaints should be addressed to Sarah Lloyd at Lloyds Probate Services, Brynwerydd, Gwenlli, Synod Inn SA44 6JH and will be acknowledged within 5 working days of receipt. If you would like to talk to us about how we could improve our service to you, or if you are unhappy with the service you are receiving, please let us know by contacting Sarah Lloyd. We will consider carefully any complaint you may make about our probate or estate administration work as soon as we receive it and do all we can to resolve it. We will acknowledge your letter within five business days of its receipt and endeavour to deal with it within eight weeks. If we do not deal with your complaint in this time, or if you are unhappy with our response, you may of course take up the matter with the Legal Ombudsman. The contact details for the Legal Ombudsman, which are: T 0300 555 0333 Post Legal Ombudsman, PO Box 6806, Wolverhampton WV1 9WJ E enquiries@legalombudsman.org.uk The complainant must refer the complaint to the Legal Ombudsman no later than: • six years from the act/omission; or • three years from when the complainant should reasonably have known there was cause for complaint; and • the complainant must refer the complaint to the Legal Ombudsman within six months of the date of our firm’s written response. • details of the compensation arrangements, namely the consumer’s ability to claim from the ICAEW compensation fund; and • that the firm has professional indemnity insurance (PII). ICAEW administers a Probate Compensation Scheme to accord with the requirements of the Legal Services Act 2007. The scheme is available for clients of firms accredited for probate by ICAEW, who can apply for compensation if they have suffered a loss that was in consequence of: • fraud or other dishonesty on the part of an accredited probate firm or of any principal or employee of an accredited probate firm, in connection with their activities in the course of authorised work; or • a failure to account for money which was received by an accredited probate firm, or the principal or employee of an accredited probate firm, in connection with their activities in the course of authorised work. Each case will be considered on its merits and ICAEW’s Probate Committee has an absolute discretion to decide whether to make a grant under the scheme and on such terms it deems appropriate. No person has a legally enforceable right to a grant. It is a fund of last resort and the applicant should have explored other ways to recover the loss, for example making an insurance claim or taking court action. A grant will be refused if the Probate Committee considers the loss is capable of being made good by other means. There are certain limits on how much can be paid out and in what circumstances, which are set out fully in the Probate Compensation Scheme Regulations. These include but are not limited to: • A maximum grant of £500,000 in connection with a single estate. • Claims must usually be made within 12 months. • Notice should also be given to the accredited probate firm. • Grants will not be made if the applicant is a body corporate or registered charity with an annual turnover of or exceed £1m. • Certain losses are not covered, for example trading debts or liabilities of the accredited probate firm (see regulation 5.1 for further details). You should contact ICAEW as soon as possible if you are considering making an application for a grant at regulatorysupport@icaew.com. PRIVACY NOTICE 1. ABOUT US AND THE PURPOSE OF THIS NOTICE Lloyds Probate Services Ltd, "we", “us”, “our” and “ours”) is a licenced probate practitioner. We are [registered in England and Wales as a limited company under number: 12685637 and our registered office is at Brynwerydd, Gwenlli, Synod Inn SA44 6JH. This notice will tell you how we look after your personal data, will tell you about your privacy rights, and about our compliance with and your protections under Data Protection Legislation. In this notice “Data Protection Legislation” means the Data Protection Act 2018 (as amended by the Data Protection, Privacy and Electronic Communications (Amendments etc.) (EU Exit) Regulations 2019 which merge the previous requirements of the Data Protection Act with the requirements of the General Data Protection Regulation ((EU) 2016/679)) and any other laws and regulations in the UK applicable to the processing of personal data. For the purpose of the Data Protection Legislation and this notice, we are the ‘data controller’. This means that we are responsible for deciding how we hold and use personal data about you. We are required under the Data Protection Legislation to notify you of the information contained in this privacy notice. We have appointed a Data Protection Officer. Our Data Protection Officer is our Data Protection Point of Contact and is responsible for assisting with enquiries in relation to this privacy notice or our treatment of your personal data. Should you wish to contact our Data Protection Point of Contact you can do so using the contact details noted at paragraph ‎11(Contact Us), below. 2. THE KIND OF INFORMATION WE HOLD ABOUT YOU The information we hold about you may include the following: • your personal details (such as your name and/or address); • details of contact we have had with you in relation to the provision, or the proposed provision, of our services; • details of any services you have received from us; • our correspondence and communications with you; • information about any complaints and enquiries you make to us; • information from research, surveys, and marketing activities 3. HOW WE MAY COLLECT YOUR PERSONAL DATA We obtain your personal data directly from you when: • you request a proposal from us in respect of the services we provide; • you engage us to provide our services and also during the provision of those services; • you contact us by email, telephone, post [or social media] (for example when you have a query about our services); We may also obtain your personal data indirectly: • from another client when it engages us to provide services and also during the provision of those services • from third parties and/or publicly available resources (for example, from your employer, HMRC or from Companies House). 4. HOW WE USE PERSONAL DATA WE HOLD ABOUT YOU We may process your personal data for purposes necessary for the performance of our contract with our clients and to comply with our legal obligations. This may include processing your personal data where you are an employee, subcontractor, supplier or customer of our client We may also process your personal data for the purposes of our own legitimate interests provided that those interests do not override any of your own interests, rights and freedoms which require the protection of personal data. This includes processing for marketing, business development, statistical and management purposes. Please note that we may process your personal data for more than one lawful basis depending on the specific purpose for which we are using your data. Situations in which we will use your personal data We may use your personal data in order to: • carry out our obligations arising from any agreements entered into between our clients and us (which will most usually be for the provision of our services); • carry out our obligations arising from any agreements entered into between our clients and us (which will most usually be for the provision of our services) where you may be a subcontractor, supplier or customer of our client; • provide you with information related to our services and our events or seek your thoughts and opinions on the services we provide; and • notify you about any changes to our services. In some circumstances we may anonymise or pseudonymise the personal data so that it can no longer be associated with you, in which case we may use it without further notice to you. We may also process your personal data without your knowledge or consent, in accordance with this notice, where we are legally required or permitted to do so. Data retention We will only retain your personal data for as long as is necessary to fulfil the purposes for which it is collected. When assessing what retention period is appropriate for your personal data, we take into consideration the requirements of our business and the services provided, any statutory or legal obligations and the purposes for which we originally collected the personal data. Change of purpose Where we need to use your personal data for a reason, other than the purpose for which we originally collected it, we will only use your personal data where that reason is compatible with the original purpose. If we need to use your data for a new purpose we will notify you and communicate our legal basis for this new processing. 5. DATA SHARING We will share your personal data with third parties where we are required by law, where it is necessary to administer the relationship between us, or where we have another legitimate interest in doing so. This may include sharing your personal data with a regulator or to otherwise comply with the law. “Third parties” includes third-party service providers and other entities within our group or the members of our firm’s network. The following activities are carried out by third-party service providers: IT and cloud services, professional advisory services, administration services, marketing services and banking services. We only permit our third-party service providers to process your personal data for specified purposes and in accordance with our instructions. We may share your personal data with other third parties, for example in the context of the possible sale or restructuring of the business. We may also need to share your personal data with a regulator or to otherwise comply with the law. 6. TRANSFERRING PERSONAL DATA OUTSIDE THE UNITED KINGDOM (UK) We will not transfer the personal data we collect about you outside of the UK. We have put in place measures to ensure that your personal data is treated by those third parties in a way that is consistent with and which respects the Data Protection Legislation. Should you require further information about this, please contact us using the contact details outlined below. 7. DATA SECURITY We have put in place commercially reasonable and appropriate security measures to prevent your personal data from being accidentally lost, used or accessed in an unauthorised way, altered or disclosed. In addition, we limit access to your personal data to those employees, agents, contractors and other third parties who have a business need to know. They will only process your personal data on our instructions and they are subject to a duty of confidentiality. We have put in place procedures to deal with any suspected data security breach and will notify you and any applicable regulator of a suspected breach where we are legally required to do so. 8. RIGHTS OF ACCESS, CORRECTION, ERASURE, AND RESTRICTION Your duty to inform us of changes It is important that the personal data we hold about you is accurate and current. Should your personal information change, please notify us of any changes of which we need to be made aware by contacting us, using the contact details below. Your rights in connection with personal data Under certain circumstances, by law you have the right to: • Request access to your personal data. This enables you to receive details of the personal data we hold about you and to check that we are processing it lawfully. • Request correction of the personal data that we hold about you. • Request erasure of your personal data. This enables you to ask us to delete or remove personal data where there is no good reason for us continuing to process it. You also have the right to ask us to delete or remove your personal data where you have exercised your right to object to processing (see below). • Object to processing of your personal data where we are relying on a legitimate interest (or those of a third party) and there is something about your particular situation which makes you want to object to processing on this basis. You also have the right to object where we are processing your personal information for direct marketing purposes. • Request the restriction of processing of your personal data. This enables you to ask us to suspend the processing of personal data about you, for example if you want us to establish its accuracy or the reason for processing it. • Request the transfer of your personal data to you or another data controller if the processing is based on consent, carried out by automated means and this is technically feasible. If you want to exercise any of the above rights, [please email our data protection point of contact slloyd_07@btinternet.com. You will not have to pay a fee to access your personal data (or to exercise any of the other rights). However, we may charge a reasonable fee for the administrative costs of complying with the request if your request for access is manifestly unfounded or excessive. Alternatively, we may refuse to comply with the request in such circumstances. We may need to request specific information from you to help us confirm your identity and ensure your right to access the information (or to exercise any of your other rights). This is another appropriate security measure to ensure that personal information is not disclosed to any person who has no right to receive it. 9. RIGHT TO WITHDRAW CONSENT In the limited circumstances where you may have provided your consent to the collection, processing and transfer of your personal data for a specific purpose (for example, in relation to direct marketing that you have indicated you would like to receive from us), you have the right to withdraw your consent for that specific processing at any time. Once we have received notification that you have withdrawn your consent, we will no longer process your personal information (personal data) for the purpose or purposes you originally agreed to, unless we have another legitimate basis for doing so in law. 10. CHANGES TO THIS NOTICE Any changes we may make to our privacy notice in the future will updated on our website at: lloydsprobateservices.com This privacy notice was last updated on 1st May 2021. 11. CONTACT US If you have any questions regarding this notice or if you would like to speak to us about the manner in which we process your personal data, please email our Data Protection Point of Contact Sarah Lloyd, slloyd_07@btinternet.com or telephone 01545 580474. You also have the right to make a complaint to the Information Commissioner's Office (ICO), the UK supervisory authority for data protection issues, at any time. The ICO’s contact details are as follows: Information Commissioner's Office Wycliffe House Water Lane Wilmslow Cheshire SK9 5AF Telephone - 0303 123 1113 (local rate) or 01625 545 745 Website - https://ico.org.uk/concerns Lloyds Probate Services Limited is committed to encouraging a diverse and happy workforce. We are an inclusive organisation and welcome everyone through the door. We are compliant with the ICAEW diversity reporting requirements for probate accredited firms.

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