Griffin Stone Moscrop & Co (GSM&Co) is a four-partner accountancy firm, which has been in practice for more than 100 years and has client relationships stretching back 75 years.
The London-based firm has been accredited with ICAEW for probate since 2016.
“We wanted to make absolutely sure that we could give a full suite of services to our clients,” explains Jenny Tolmie, Partner and Head of Legal Practice at GSM&Co.
“As soon as probate was available to us, I ‘went back to college’, as did our tax manager, so we could get the required qualifications.”
Including probate services in our offer was a good fit for GSM&Co. “As accountants, we have a lot of knowledge and interaction with our clients and their families,” she explains. “Because we understand the clients, their family dynamics, and their financial affairs, we can offer the right support and guidance – especially at a time that could be quite difficult on a personal level for our clients.”
This doesn’t end with the probate service itself. The range of experience and skills accountants bring to the table means they can also help families move forward, including helping to financially futureproof their interests for the next generation.
“I recently managed a probate case for a client we've had since the 1950s,” explains Jenny. “He passed away in his 90s leaving an interest in a business. I also knew one of his sons very well, and he wanted to talk to me about inheritance tax (IHT) planning for his family. So, there's a synergy there. I think it's a natural conversation for accountants to have with the family members.”
“I also believe that accountants, if they've got full knowledge of the family and the history, are more likely to have an efficient process in the round because they are able to gather a lot of the history and information about a client that they already have on file,” Jenny explains.
With many probate clients concerned about spiralling costs, this more joined-up process, using a combination of financial and probate expertise, helps accountants keep costs to a minimum for their services.
In line with the Legal Services Board’s focus on empowering consumers and promoting greater choice, Jenny recognises that the opening up of probate services has increased competition, but she believes there remains an ongoing collaboration with other legal service providers, particularly probate solicitors.
Since becoming probate accredited itself, GSM&Co has continued to have strong business relationships with solicitors who pass on some financial elements of their own probate work. “We deal with the Self-Assessment tax forms for the deceased, for example, and they may ask us for other tax advice,” she explains.
Because we understand the clients, their family dynamics, and their financial affairs, we can offer the right support and guidance – especially at a time that could be quite difficult on a personal level for our clients.
Similarly, accountants can’t carry out contentious probate, so there will also be cases that have to be passed to solicitors.
“It's just knowing where the boundaries are, and maintaining a balance, because we both have our strengths,” says Jenny. “And it also comes back to client choice.”
We asked Jenny if she had any tips or hints for other firms offering probate services.
“We also usually use the end-of-year, tax-planning opportunities to remind our clients of the need to have a valid will, the importance of reviewing their wills and how our firm can deal with probate. Whilst death and IHT planning are difficult subjects throughout the year, where the opportunity arises, we encourage clients to actively discuss such matters with us and likewise with their family.
“Being available to clients to discuss IHT matters, raising potential IHT issues, predicting likely IHT liabilities in the event of their death and reminding clients of their choices on a regular basis is the key to getting across the message that accountants can now provide probate services and are a good choice, especially for existing clients and their families.”
