Probate is the exercise that needs to be undertaken on death to enable the transfer of assets from the deceased to the beneficiaries set out in the Will. It is the duty of the executors named in the Will to handle the estate administration and obtain the Grant of Probate. Probate is essentially a fact gathering exercise to pull together a balance sheet of the deceased’s assets (property, possessions, personal funds) and liabilities (debts) on death; attending to any tax issues, filing the necessary returns and obtaining the grant that enables the estate to be distributed to the beneficiaries
Whether you choose to carry out the probate and estate administration process yourself, or you instruct us to do the work for you, the application for probate is still the same. It involves:
- Finding the will.
- Applying for the grant of representation.
- Administering the estate.
- Preparing the estate accounts.
- Distributing the assets to the beneficiaries of the estate.
Why should I use an accountant and not a solicitor for probate work?
From our existing knowledge of financial affairs and our expertise in personal financial management, such as estate and tax planning, probate and Wills is a natural extension of our service. We already have an in-depth knowledge of our client’s financial matters and through our regular meetings are able to form close relationships with our clients, enabling us to be in the best position to deal with probate and estate administration when the time comes.
SPECIALISTS
We are one of only a few qualified accountancy firms in the country who are licensed 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 are 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. This could be as high as 4% even for simple estates. We feel that we are very competitively priced compared with other probate specialists. We are happy to give you a quote based on the volume and complexity of the work that 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. Taking the administrative burden away from you wherever possible.
To ensure we offer a cohesive service of the highest standard, ensuring you receive the right advice for you from the best people, our Probate service is undertaken by Bell Maison Wills & Estate Planning Ltd which is authorised and regulated by the Institute of Chartered Accountants in England and Wales to carry out the reserved legal activity of non-contentious probate in England and Wale’s.
Details of our probate accreditation can be viewed at icaew.com/probate under reference number C004358880.
Our probate service
When anyone dies the most important document is the Will. The people entrusted to sort everything out are the Executors and their main task, after arranging the funeral, is to gain Probate. Whether or not there is a valid Will, if the deceased person owned more than £5,000 worth of assets, then a Grant of Probate may be required.
Probate is the legal process required to ascertain who has the authority and responsibility to deal with the deceased’s affairs. Once granted, the Executors must pay any taxes due, close all bank accounts and sell any property. All the outstanding debts and funeral expenses are then paid with the remainder being distributed amongst the beneficiaries in the Will.
This can be an arduous task for anyone who has no experience of Probate, not to mention time consuming, often at a time of great sadness and confusion.
If the estate is worth more than £325,000 it may be liable to Inheritance Tax. It would be essential for the Executors to enlist professional help in such circumstances, especially since they become personally liable for any debts.
We provide a discreet and confidential service, covering every aspect of Probate and the administration of the deceased person’s estate.
Unlike other Probate providers, we offer an hourly fee service (we only charge for what we do) and we are often much quicker than many larger firms.