Probate News 7 - February 2019
Welcome to probate news 7 where we launch a new consultation on our best practice guide to price and service transparency, highlight further resources for the 2019 probate diversity survey and provide links to key news and resources from around ICAEW.
In this issue:
ICAEW has prepared a Best Practice Guide to Price and Service Transparency. The guide is a cornerstone of its consumer engagement strategy which was put together in response to the Competition and Markets Authority’s (CMA) concerns that the legal services market is not working well for individuals and small businesses.
The move to transparency and service and price disclosure are essential parts of the development of a marketing strategy, making a firm more accessible to the consumer. The regulatory requirements of the Legal Services Board and the CMA put to one side, this initiative is highly relevant for firms as a means of promoting their legal services in the marketplace.
ICAEW is now consulting on the best practice guide and welcomes your feedback before the final version of the guide is published in Summer 2019.
The consultation will close at 5pm on the 20 March 2019.
Thank you to those of you who joined us for our recent live webinar. If you missed it, you can access the recording by visiting icaew.com/probatediversity. A summary of the questions and answers that were discussed during the session is also available along with full details of the process for the 2019 survey.
Key dates reminder:
- 31 March 2019 – data collection should be carried out as close to this date as possible
- 12 April 2019 – deadline for aggregated, anonymised results to be published on your website
- 30 April 2019 – deadline for submission of the aggregated, anonymised results to firstname.lastname@example.org
The government is planning to introduce a new fee structure for probate which will come into effect from 1 April 2019. These changes look to be going ahead and details of the new fee structure can be seen below:
|Value of estate (before inheritance tax)||Proposed fee|
|Up to £50,000 or exempt from requiring a grant of probate||£0|
|£50,000 - £300,000||£250|
|£300,000 - £500,000||£750|
|£500,000 - £1m||£2,500|
|£1m - £1.6m||£4,000|
|£1.6m - £2m||£5,000|
We have recently begun a social media campaign to raise awareness that it’s not just solicitors and banks that can help with probate. Help us to spread the message by highlighting our posts on your social media channels.