Preparing your estate to be handled after your death can be an upsetting and sometimes challenging process. However, with the right plans in place and a trusted advisor to help, you are on the right path to ensuring your wishes are taken care of.
Why organise now?
Taking the time to arrange your affairs before your passing not only guarantees your wealth is given to your loved ones successfully, it also often ensures it is not heavily taxed.
What happens after my passing?
The managing of an estate after your death requires your family or an appointed professional to conduct a process known as probate.
What is probate?
After someone has passed, a legal document known as the Grant of Probate is required to transfer the assets from the deceased name to the beneficiaries.
This document allows the grant holder the power to do the following:
- Administer an estate,
- Ensure all relevant taxes are collected,
- Ensure money owed to creditors is paid,
- Ensure debts owed to the deceased are collected,
- Ensure the remaining assets from the estate are distributed to the relevant beneficiaries.
At this stressful and emotional time, some families find it easier to appoint a professional to assist them with handling probate and other duties of an executor.
We are one of a small number of accountancy practices in the UK to be licensed to provide probate services by the Institute of Chartered Accountants in England and Wales (ICAEW).
