Firstly, what is probate?
Probate is the process of sorting out someone’s estate, their property, money and possessions after they have passed away.
It can be a difficult and stressful time, so many families choose to appoint a professional to assist with an executor’s duties to handle their probate.
What is the process of probate?
There are many different phases of probate. The first phase involves identifying the deceased’s assets, including property, money, possessions, and investments. In addition, any liabilities must be added up to determine the estate’s value.
The Will should also be dealt with at this stage, as it determines the deceased’s wishes. If there is no Will, the beneficiaries will need identifying.
When will I need specialist advice?
There are several reasons you may need to seek specialist advice for probate. It could be that it is a difficult time and there is a lot to deal with, but there are also a lot of specific reasons why you may wish to seek professional assistance, including:
- If the value of the estate exceeds the Inheritance Tax (IHT) threshold of £325,000
- If the estate is earning a regular income for which taxes are due
- The deceased died without a Will
- If there are doubts as to the validity of the Will
- The estate has complex or specific arrangements, such as having assets held in a trust
- The estate is bankrupt
- If there is foreign property or assets in the estate
- If the deceased resided outside of the UK for tax purposes
There are other specific reasons, for example, an individual who was not included in the Will but wishes to claim the estate could result in complicated probate. In this case, seeking professional advice may be prudent.
Do you need help?
We know that the process of sorting out a loved one’s estate can be emotional and stressful. Getting professional advice can help the process run smoothly, especially if any issues may cause contentious probate.
If you need help with probate, seek professional assistance to ensure that the correct procedures are followed.
How Rotherham Taylor can help
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).
We can:
- Obtain Grant of Probate
- Help you identify the assets and liabilities of the estate
- Access assets from bank accounts, property and share portfolios
- Consider any Deed of Variation opportunities
- Distribute the assets of the estate according to the terms of the Will
- Prepare and submit any outstanding Personal Tax Returns up to the date of death
- Prepare estate tax returns and settle outstanding tax liabilities of the estate
- Prepare the final estate accounts
- Provide advice on tax planning opportunities for the estate and/or for beneficiaries
- Provide ongoing inheritance tax and succession planning advice
