Accountancy business expands by setting up probate services company
A Harrogate chartered accountancy firm has launched a new company after expanding its specialist services.
Lithgow Perkins has formed LP Probate Services, offering help in dealing with the estate of someone who has died. This includes simple assistance with filling out Inheritance Tax forms, working alongside a will’s executors to obtain probate, and full estate administration including executorship.
The independent firm’s new company can also help people to arrange their financial affairs to avoid costly oversights and maximise the amount they leave to their beneficiaries.
Probate services have historically been offered only by solicitors, but in 2014 the law changed to allow specially accredited accountants to undertake probate work too. They are regulated by the Institute of Chartered Accountants in England and Wales (ICAEW) to ensure they comply with probate regulations and the ICAEW code of ethics.
Lithgow Perkins partners and Inheritance Tax specialists Robert Horner and Joe Taylor have both gained their probate accreditation.
Taylor said: “As accountants, the task of gathering, processing and recording financial information is what we do. Dealing with probate and administration is a very natural extension of this because much of it involves accounts, taxation and liabilities.
“The new company uses the processes, technology and staffing that we already have in place at our Harrogate office to allow us to offer specialist probate services efficiently, flexibly and cost-effectively.”
People can use as much or as little of the service as they require, and fees are based on time spent in administering the estate, rather than a percentage of the estate itself.
Taylor added: “Nobody likes to think about their death, but planning during your life can make the burden of dealing with your finances easier for your loved ones. Although you may have a will in place, there is much more you can do now to maximise the financial legacy you will leave behind.”
Lithgow Perkins is one of Harrogate’s oldest independent accountancy firms, and celebrated its 60th anniversary last year.
