Herrington Carmichael LLP is a full-service law firm based in Farnborough, Hampshire. The 30-strong private wealth and inheritance team offer a wide range of services, beyond that of a traditional private client law firm to meet the demands of UK and international clients. Herrington Carmichael’s goal is to provide support to clients and their families to safeguard assets for the years ahead, and explore legitimate tax reduction strategies.
Graeme Black, Partner, Private Wealth and Inheritance at Herrington Carmichael explains: “When a family member passes away it is inevitably a stressful time. Often clients are concerned and need to understand the probate process and how long probate will take to be granted so they can move on with their lives.
“Where we work with lay executors or where we are the executors on an estate, we always undertake a Will Search to ensure we have the most recent copy of the Will. Even where the family believes they have the most up to date Will and Testament of their loved one, we suggest a Will search to protect them against a later Will coming to light once distribution to the beneficiaries has occurred. This is essential as a later Will could potentially impact the inheritance tax liabilities of beneficiaries or importantly, could mean bequests were distributed incorrectly and not in line with the wishes of the deceased.
“A family may also begin to start relying on the bequest they are set to receive. If a later Will is discovered and suddenly the estate is left to a charity or not to the people who have become to rely upon the potential inheritance, those beneficiaries will be unhappy. A Will search is essential to protect them too.
“At Herrington Carmichael, we hold a substantial Will Bank. In the past, researchers have contacted us to confirm we held a more up to date Will than one a family originally believed was the last Will and Testament of their relative. This led to us be instructed by the family to support them with the process of Probate.
“We work with legal technology firm Estatesearch to conduct Will searches on our behalf. Our paralegals and admin staff use Estatesearch’s secure, online portal to order searches and this is very straightforward. The ordering system is quick and efficient to use and this minimises fee time spent on administrative tasks.”
The Estatesearch Will Search includes a full database search of local and national Will holders including local solicitors and Will writing members of The Institute of Professional Willwriters (IPW) and The Society of Will Writers (SWW). In addition, a search of Probate Depository and a number of online will providers is included. All potential Will Holders contacted are detailed in the report, giving law firms an audit trail to demonstrate due diligence.
Graeme Black continues: “We also use Estatesearch’s asset and liability search to establish the full extent of an estate. We often discover insurance policies which the family are unaware of and sometimes the odd bank account. Liabilities such as credit cards have also been flagged and full knowledge of the assets and liabilities within an estate means distribution will be settled correctly.
“As a team, we try and lift as much pressure as possible from our clients, guiding them through the probate process, and ensure lay executors are always protected. Estatesearch supports us in our professional approach and the searches are a key part of our offering to track assets and liabilities and confirm we have the most recent copy of a Will.
“Estatesearch also helps us tick the important compliance boxes and verifies we have done all we can to value an estate. This means we can advise our executor clients, ensure HMRC and IHT is paid correctly and everything is exactly as it should be.”
For more information about Herrington Carmichael please see: https://www.herrington-carmichael.com/
Originally published on Today’s Wills and Probate.