Probate Accounting and Estate Administration
We are authorised by the Institute of Chartered Accountants in England & Wales to carry out non-contentious Probate and Estate Administration work.
We feel it is important that we are in a position to help our clients, and their extended family, when an Estate needs to be administered. Our cumulative knowledge of our clients’ affairs and wishes place us in a unique position of being able and qualified to help at this time of grief and stress.
Our forensic accountancy skills are invaluable when bringing an Estate to a timely and orderly conclusion while keeping the family and relevant parties in the picture with regular reports, explanations and updates on progress.
Our advice, support and assistance in this area typically includes:
- Inheritance Tax Planning (“IHT”) and Will advice
- Estate administration
- Supporting the Executor or Administrator
- Dealing with notices
- Finalising deceased’s tax liabilities up to death
- Identifying beneficiaries
- Obtaining and co-ordinating valuations
- Considering IHT Reliefs and Exemptions
- Probate procedures, including obtaining Grant of Probate
- Preparing IHT Returns
- Collection of assets
- Dealing with Property
- Distribution of assets
We can also act as professional Executor where a client wishes us to assist the family by assuming that role.
Conduct of Probate work
Probate and Estate Administration work is bound by the same ethical code as all other work performed by ICAEW members in that we must:
- Act with independence and integrity
- Maintain proper standards of work
- Act in the best interests of the client
- Keep the affairs of the client confidential
Clients can rest assured that their Probate affairs will be conducted properly because:
- We are required to ensure we are competent to do the work and have systems and procedures in place to provide a high quality service and to ensure compliance with the Regulations.
- Our firm’s procedures must ensure that only an authorised person can undertake or control probate work and that we carry out sufficient CPD to maintain our competence levels (both David Hancock and Lucy Parry are “authorised persons”).
We do not charge on the basis of a percentage of the Estate as we do not believe this is an appropriate approach.
Instead we will quote the hourly rates for each of the staff involved so that clients can approve these rates up front. We provide a detailed monthly time and fees analysis so that our clients are always in control.
Why choose us?
Specialists - We are one of only a few qualified accountancy firms in the local area who are authorised to carry out probate work. This, combined with our expertise in all areas of accounts, tax and estate administration means you can have total confidence in us handling the whole process for you.
Background knowledge - If the deceased was a client of ours, we are likely to have all the necessary financial information and background details to make the probate process as smooth as possible. If they were not a client, we can still deal with the probate application should their existing accountant not be licensed to do this work.
Quicker processing = reduced costs – As accountancy and tax specialists we’re used to gathering and calculating financial and tax related information. In doing so, we can reduce the amount of time it takes to compile the necessary information. By speeding up the process we can help you to keep the costs down, leaving more for the beneficiaries.
Competitive pricing – Whilst solicitors and banks can also carry out probate work, they tend to charge a fixed percentage based on the value of the estate, which could be as high as 4% even for simple estates. We feel that we are very competitively priced compared with other probate specialists and we’re happy to give you a quote based on the volume and complexity of the work which needs to be carried out. We are confident that our approach to gathering the relevant information, calculating what tax is due and administering the estate is quicker and more succinct, therefore keeping costs to a minimum.
Personal service – Whilst carrying out any probate work we are always sensitive to your needs and emotions during this time. You can be sure that we will treat your legal and financial affairs discreetly and in the strictest confidence and take the administrative burden away from you wherever possible.
Communication – In all aspects of our work as Accountants and Tax Specialists we pride ourselves on keeping our clients informed. This philosophy carries across to our Probate and Estate Administration work. We are committed to ensuring that our clients, the Executors, are given regular progress updates.
For more information about our probate and estate administration service, please contact David Hancock or Lucy Parry – phone 01489 885772.
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