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Probate

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Hello All,

Two questions:
1. Looking to study for the probate qualification, therefore, would appreciate any suggestion whether to study with Kaplan or Swat for this?

2. Members who are now authroised to do it, especially around London, has this given you any substantial (>£5k) revenue per annum?

Thanking you in anticipation.

Replies (17)

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By memyself-eye
19th Jan 2020 15:43

1. Kaplan definitely...or maybe Swat (who knows)
2. To do what?

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Replying to memyself-eye:
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By weuk
20th Jan 2020 12:47

1. Thanks
2. To treat it as a new income stream.

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7om
By Tom 7000
21st Jan 2020 10:33

You should get a will writing qualification. Then you keep a copy of the will and have a will bank and thats what generates the probate enquiries... grandads lost his will, what do I do...... It will probably take you 10+ years to get it up to a decent size and for the enquiries to come in so its a long term plan you are looking for?

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Replying to Tom 7000:
Hallerud at Easter
By DJKL
21st Jan 2020 10:46

Agreed, the larger the client list the greater the eventual fees.

When I was at university my father's law firm asked me to complete a list of clients with name, partner, last activity, last matter etc, it took me weeks to work through the thousands of client files the firm had- catch for solicitors is they need far more clients than accountants do as there is not a recurring workload every year from each. Not sure about building up over ten years though, they had been at it for a bit over 150 years!!!!

Of course you then become a ghoul, harsh winter/flu outbreak and you are in the money.

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Replying to DJKL:
7om
By Tom 7000
21st Jan 2020 10:54

Ahhh so you come from Landed Gentry Stock... that explains it.

Hows Scotland - got snow yet?

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Replying to Tom 7000:
Hallerud at Easter
By DJKL
21st Jan 2020 11:50

Not so, my father just had the good luck to be really smart and won bursaries to good schools and then to Oxford.

Nothing here snow wise but Edinburgh tends to escape bad snow anyway ,with the Forth to the north and the Pentlands to the south. There may be some snow elsewhere but currently it is pretty pleasant for January- in fact as no rain forecast this week the end of the week could be gardening weather. I have some tidying up to do and if I can get permission in time (Tree conservation area) I might even do some pruning with the chainsaw on the cherry blossom tree nearest the house ; it needs opened up/ thinned/ branches shortened.

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Replying to DJKL:
7om
By Tom 7000
21st Jan 2020 12:25

A true chip off the old block then.

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Replying to Tom 7000:
Hallerud at Easter
By DJKL
21st Jan 2020 12:47

Actually both blocks- my mother was also no slouch (Dux of Dundee High School, medal winner at Edinburgh University etc), catch is this tended to miss me out; whilst my two older sisters were really good at school/university I tended to be far more of a plodder.

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Replying to Tom 7000:
Hallerud at Easter
By DJKL
21st Jan 2020 11:50

Duplicate.

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Replying to DJKL:
7om
By Tom 7000
21st Jan 2020 13:01

Hes not that Bright, we'll let him be an accountant....

hahahaha

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Replying to Tom 7000:
Hallerud at Easter
By DJKL
21st Jan 2020 14:29

I suspect pretty much his thinking though he did offer to support me to do a law degree after I finished my really useful humanities degree. (It is great for employment prospects being able to read Donne's poetry)

Then again he had tried the same with both my older sisters, respectively Archaeology and French/German degrees, and both had spurned him ( Had run for the hills) - my little sister at least did not need to spurn his offer as by the time she graduated he had given up trying to suborn one of us into the law and had retired. ( lead us to the Dark Side of the Force)

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Replying to Tom 7000:
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By weuk
21st Jan 2020 12:12

Tom...what a brilliant idea...how do I get a will writing qualification. Can you please guide me in the right direction?

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Replying to weuk:
Hallerud at Easter
By DJKL
29th Jan 2020 09:33

No point- two different online services were offering their simple, internet based, will writing service in TV adverts the other night (I must have had on a channel favoured by older people, their targeted demographic)- a few more years and the Bots will have cornered the market.

Give it a few more years and solicitors will be offering wills for virtually nothing- in fact given the number of months of the year one or other firm has a charity Will month up here ,where they charge a nominal figure which gets donated to charity and knock out a will for you, they effectively already do.

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By pauljohnston
21st Jan 2020 10:33

I cant do probate because I am not authorised but by completing the IHT400 etc we have earned fees in excess of your figure. You can however help with the completion of the Probate forms.

I have heard that the Swat course is good

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Replying to pauljohnston:
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By weuk
21st Jan 2020 12:14

Thank you Paul...did you undertake any tax qualification for this IHT?

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By Toolmaker
21st Jan 2020 20:37

The course hosted by SWAT is very good and useful. Its an intense two days though and there is an assessment that you have to complete, which you book separately after. After this, ICAEW will hopefully provide you with approval.

No substantial revenue yet, however it may depend on the average age of your client base and how their relationship is with their solicitor. My client base is fairly young, and the additional sell is proving difficult. There is a lot of opportunity in this field.

I am trying to work another angle and work with other accountants who are not able to obtain the grant of representation. In essence, I just get involved in the process when it is time to obtain the grant of representation, and then remove myself from the process once the work is complete. This way the accountant involved is still predominantly providing the estate administration service to their client, and you do your bit for a tidy fee. Note: Obtaining the grant of representation is the reserved legal activity you need authorisation from ICAEW for). There are only a small number of accountants that are able to offer this part of the service. solicitors charge a significant fee for this.

Hope this helps

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By pauljohnston
29th Jan 2020 08:52

@weuk. No recent qualifications but I have been involved in this type of work most of my life originally I obtained the Trustee Diploma from the now named Institute of Financial Services in the 1980s

Our practice has been dealing with trust taxation etc for many years

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