Why Choose an Accountant for Probate Over a Traditional Solicitor?
Many people turn to solicitors for probate, but the challenges are often financial. As ICAEW-licensed accountants in Fareham, we don’t just manage the paperwork; we ensure the estate is handled efficiently while identifying every available tax relief for your beneficiaries.
When a loved one passes away, the responsibility of administering their estate can feel overwhelming.
Historically, the first port of call was almost always a solicitor. However, since the law changed to allow ICAEW-authorised accountants to provide probate services, many executors are finding that an accountancy-led approach is not only more efficient but also more financially sensible.
At Compass Accountants, we believe in helping you make an informed choice. Below, we list the benefits of using an accountant for probate and when a solicitor might still be the right fit.
Why Use an Accountant for Probate?
The process of probate is a significant financial and administrative exercise. It involves identifying assets, settling liabilities, and calculating taxes before any funds are distributed to beneficiaries.
Specialist Tax Expertise and Efficiency
This is where an accountant’s role becomes essential. Probate often triggers a number of complex financial considerations, including Inheritance Tax (IHT), Capital Gains Tax, and Income Tax. While a solicitor focuses primarily on the legal administration and the filing of the grant, an accountant focuses on the “bottom line.” Our priority is to apply technical tax knowledge to ensure the estate is structured efficiently, protecting the beneficiaries from paying not a penny more to HMRC than is legally required.
Accurate Valuation of Business and Complex Assets
If the deceased owned a business or managed a diverse portfolio of investments, an accountant is naturally best equipped to navigate the complexities involved. We possess a deep understanding of balance sheets, share structures, and the specific business relief claims that can be utilised to reduce tax liability. These elements are often the most complicated parts of an estate, and having a financial expert handle the valuation ensures that the figures reported are accurate and optimised for the estate’s benefit.
Transparent and Value-Driven Fee Structures
One of the most significant differences between the two professions is how costs are calculated. It is still common practice for solicitors to charge a percentage of the total value of the estate, which is sometimes as much as 4% or 5%. This can lead to disproportionately high fees for estates that are high in value but relatively straightforward to administer. In contrast, Compass Accountants typically operates on a fixed-fee or hourly basis. This approach offers much greater transparency, ensuring that our costs reflect the actual work performed rather than the size of the legacy.
The Benefit of an Existing Relationship
For many of our clients, the greatest advantage is the continuity of care. If the deceased was already a client of Compass, we likely already have a comprehensive understanding of their financial history, asset locations, and tax affairs. This existing knowledge allows us to move much faster than a firm starting from scratch. By reducing the time spent on discovery and data collection, we can significantly speed up the probate process and alleviate a considerable amount of stress for the grieving family.
When Might a Solicitor Be Necessary?
While accountants are experts in the financial and tax-related aspects of probate, there are specific scenarios where legal expertise is essential:
- Contentious Probate: If a family member is contesting the will or if there is a legal dispute between beneficiaries, you will require a solicitor to manage the litigation process.
- Complex Property Issues: If there are significant disputes regarding land boundaries or complex property law issues that fall outside of standard conveyancing, a legal specialist is required.
Choosing the Right Path
The choice often comes down to the nature of the estate. If the estate is financially complex and involves properties, investments, or business interests, the expertise of an accountant can be invaluable.
To help you determine which approach best suits your requirements, the following table outlines the key differences in focus, expertise, and pricing between our accountancy-led service and a traditional legal firm.
| Feature | Compass Accountants | Traditional Solicitor |
| Primary Focus | Tax efficiency & financial accuracy | Legal compliance & litigation |
| Inheritance Tax | Specialist IHT planning & filing | Generalist tax knowledge |
| Pricing Model | Usually fixed-fee or hourly | Often a percentage of estate value |
| Business Assets | Expert valuation and succession | Often outsourced to third parties |
Helping You Navigate the Next Steps
At Compass, we provide a “hand-holding” service, guiding you through the valuations, the tax returns, and the final distribution with sensitivity and professional rigour. We aim to ensure the maximum possible legacy is passed on to the beneficiaries, rather than lost to avoidable tax or administrative delays.
Not sure which route is right for your situation?
We offer a complimentary initial consultation to discuss the estate and provide an honest appraisal of how we can help.
Frequently Asked Questions About Probate
Is an accountant legally allowed to handle probate? Yes. Since 2014, the ICAEW (Institute of Chartered Accountants in England and Wales) has been authorised to license firm-level probate services. Compass Accountants is fully accredited to provide probate and estate administration, meaning you receive the same legal protection as you would with a solicitor, but with added financial and tax expertise.
Do I have to use the solicitor who is holding the Will? No. This is a common misconception. Even if a solicitor’s firm is storing the original Will, the Executors have the legal right to choose whoever they wish to handle the probate process. You can simply request the Will from the solicitor and bring it to us to begin the administration.
Can an accountant help with Inheritance Tax (IHT) forms? Absolutely. In fact, this is one of the primary reasons clients choose an accountant. We specialise in the complex calculations required for IHT400 forms and can identify reliefs—such as Business Property Relief or Agricultural Relief—that might be overlooked by a non-specialist, potentially saving the estate a significant amount of money.
How long does the probate process usually take? While every estate is different, the typical timeframe is between six to twelve months. Using an accountant can often speed up the “discovery” phase, especially if we already have a relationship with the family or business, as we can quickly consolidate the necessary financial records for the application.
Can you help if the deceased did not leave a Will? Yes. When someone dies without a Will (known as dying ‘intestate’), the process follows strict legal rules of succession. We can guide the next of kin through the process of applying for ‘Letters of Administration’ and ensure that the estate is valued and distributed correctly according to the law.
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