Losing a loved one can be an emotional and stressful time, which is why we always aim to help families deal with their affairs in a friendly, compassionate and efficient manner.
When a person passes away there are certain protocols and procedures that must be carried out – Probate and estate administration is just one of these.
This can be a complex process that requires executors, be they an appointed family member, friend or trusted professional adviser, to file various pieces of information about the deceased’s legal, financial and taxation affairs related to their estate.
If Inheritance Tax is due this must be paid within six months of death and the Inheritance Tax Return must be submitted within 12 months of death to avoid penalties. Without the payment of Inheritance Tax, an application for probate cannot be made.
We can help to reduce the stress and burden of probate and estate administration by dealing with all matters on behalf of executors. This is especially true in cases where we are assisting existing clients, whose affairs we may already have in hand.
The probate and estate administration process
In order to complete the probate and estate administration process, executors are required to undergo a number of key steps:
- The current Will of the deceased is located
- Collecting financial information and obtaining professional valuations of assets
- Ensuring personal income and/or capital gains tax is up to date
- Preparing appropriate Inheritance Tax Return
- Application for a grant of representation
- On receipt of Grant of Probate, the administration of the estate can commence including, transfer of funds from bank accounts, liquidating assets to pay debts and taxes.
- Preparing final accounts
- Passing on assets to the beneficiaries in accordance with the Will, or the law of intestacy if no valid Will is present.
To give you a clearer overview of the process and how we can help you with it we have produced a helpful guide.
The probate and estate administration service complement our wider service offering Grunberg & Co, which may also be of benefit to you, this includes:
- Personal and business tax planning, including inheritance tax
- Succession Planning
- Trusts and Estate planning
- Will Preparation
- Retirement Strategies
- Financial planning and wealth management
Grunberg & Co Probate Services Ltd are authorised by the Institute of Chartered Accountants in England and Wales to carry out the reserved legal activity of non-contentious probate in England and Wales.
Details of our probate accreditation can be viewed at www.icaew.com/probate under reference number C005269209.