Chartered accountancy firm, Hope Shaw has become the first sole practitioner to be given authorisation to provide probate services to their clients.
The Dorset-based firm is the only non-ABS accountancy business to be granted a probate licence. As it stands, in order to be granted this licencing, an accountancy firm must become an ABS unless all partners have been given authority to do probate.
Earlier in October, Kingston Smith was the first alternative business structure (ABS) accountancy firm to be given licence to carry out probate activity by the ICAEW.
The Institute of Chartered Accountants in England and Wales (ICAEW) is a non-regulatory body that has been given the authority by the Lord Chancellor to regulate probate services — the first non-legal body able to do so.
The ICAEW Executive Director, Vernon Soare says Hope Shaw is a prime example of the type of firm they were hoping to have on board. According to Soare, probate is simply an additional service that many accountancy firms such as Hope Shaw, have the capabilities to perform, as they already provide comparable services such as inheritance tax (IHT) and succession planning advice.
Director of Hope Shaw, David Robinson, comments that the ICAEW already regulate the firm’s other services, so it was a logical choice to become the probate regulator. Robinson and his team take pride in providing their clients with great service and say they are delighted to be able to provide this additional service to their clients.
Since being given authority to regulate probate activity, the ICAEW are eager to receive further interest from other chartered accountants. It is expected that around 250 additional accountancy firms are to apply for licences to carry out probate activity or become an ABS, within the coming months.
