Probate is the process of sorting out someone’s estate, property, money and possessions after they’ve died.

It may be a difficult and stressful time, so many families choose to appoint a professional to assist with the duties of an executor and to handle probate.

The process of probate

There are many different phases of probate. The first phase involves identifying the assets of the deceased, including property, money, possessions and investments. In addition, any liabilities must be added up to determine the value of the estate.

The Will should also be dealt with at this stage, as it determines the wishes of the deceased. If there is no Will, then the beneficiaries will need to be identified.

When you might need specialist advice

There are a variety of reasons why 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 [intestate] • 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, including if there is an individual who was not included in the Will but wishes to make a claim to the estate, which could result in complicated probate. In this case, seeking professional advice may be prudent.

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, particularly if there are any issues that may cause contentious probate.

If you need help with probate, it is important to seek professional assistance to ensure that the correct procedures are followed.

At Rotherham Taylor, we can help with your probate needs, including;

• Obtaining Grant of Probate
• Helping you identify the assets and liabilities of the estate
• Accessing assets from bank accounts, property and share portfolios
• Considering any Deed of Variation opportunities
• Distributing the assets of the estate according to the terms of the Will
• Preparing and submitting any outstanding Personal Tax Returns up to the date of death
• Preparing estate tax returns and settle outstanding tax liabilities of the estate
• Preparing the final estate accounts
• Providing advice on tax planning opportunities for the estate and/or for beneficiaries
• Providing ongoing inheritance tax and succession planning advice

Please contact us today for advice at this stressful and emotional time. Rotherham Taylor 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).

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