Probate and Trusts
Dealing with death is never easy, it can be stressful dealing with the assets of a deceased friend or relative – known as their estate – especially if the estate is complex. It is important however that this is managed carefully.
The estate needs to be dealt with in a timely manner because of the time limits for submission of the inheritance tax forms and payment of the inheritance tax liability, at the same time ensuring distributions are made in line with the executors fulfilling their responsibilities properly.
Being aware of the potential pitfalls and practical aspects of dealing with an estate is just as important as completion of the probate application and inheritance tax forms.
We are licensed to carry out the reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales.
We can advise on the complexities of the process after probate is obtained, whether this is dealing with the tax for the period of administration and tax implications for the beneficiaries to dealing with distribution of assets to the beneficiaries.
We have provided more information about our probate and estate service below.
We are able to tailor our service, so you can choose precise the level of involvement you need from us.
We also have two independent financial advisers who can assist in understanding what investments are held by the deceased, if required and /or provide any advice during the process as needed.
We are also able to assist trustees in understanding their responsibilities and the tax and reporting requirements that trust’s have. For example trustees need to understand when a trust needs to be registered with HMRC and when income tax returns or inheritance tax returns are required.
Alongside this, if the deceased’s will creates a trust, it is not uncommon for the executors to also be appointed as trustees of the trust. We can advise the trustees of their obligations as part of dealing with the estate.
It could also be the case that the deceased had an interest in a trust, as a beneficiary, and so it may be that the trust will form part of their estate. We can also assist the executors in understanding what happens to the trust on the death of the beneficiary.
Details of our probate accreditation can be viewed at icaew.com/probate under reference number C005394193.
We understand what needs to be done to obtain probate and the complexities that can arise during the various stages of dealing with an estate
We are able to tailor our service so you can choose the precise level of involvement you need from us. This will be discussed at the initial meeting, which is free of charge
Regulation, ICAEW & legal ombudsman
If you would like to talk to us about how we could improve our service to you, or if you are unhappy with the service you are receiving, please contact Rob Beale.
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We’re always happy to hear from new and existing clients