What is Probate?
Probate is concerned with carrying out the wishes of an individual who has passed away. It is the process whereby an executor is given the legal authority to administer a deceased’s estate.
Upon a person’s death, an executor is appointed to deal with the assets and liabilities of the deceased, and administer where necessary according to the will. This can be a difficult role involving a number of important responsibilities and this, combined with the stress and emotion present at such a time, means some families find it easier to appoint a professional to assist them.
If the deceased had not left a will it would still be necessary for somebody (usually a close relative) to administer the estate as a “quasi” executor.
The role of the executor can be an onerous one. It is their job to identify all assets and liabilities of the estate, apply for probate and prepare estate tax returns, deal with final estate accounts, oversee the distribution of assets, and determine whether Inheritance Tax is payable. For estates that are liable to Inheritance Tax, you will be required to complete a form, submit it to HMRC and pay the appropriate tax before you can obtain a grant of probate.
The process of obtaining probate, as well as all that follows, can be a complicated and often time-consuming process with various rules, regulations and steps to adhere to.
Why choose PAW Consulting Ltd?
We are one of very few accountancy practices in the UK to have been granted a licence to provide probate services, by the Institute of Chartered Accountants in England and Wales (ICAEW). We can offer a comprehensive, non-contentious, service without any need to involve a third party, simplifying the whole process for you as a result.
We also work closely with local partner firms who can provide support in the creation of a trust arrangement, which can be tailored to our client’s specific circumstances. This can realise a significant tax saving for the future.
What help can I receive?
Emma Newnham is our Head of Legal Sevices and, as such, can assist with as many, or as few, functions of the executor role as you wish. We undertake the role with the utmost sensitivity and discretion.
As part of our probate services, we can:
- Administer the realisation of assets, including bank accounts, property and share portfolios.
- Assist with the identification of assets and liabilities associated with an estate.
- Carry out tasks on behalf of the executor.
- Consider any Deed of Variation opportunities.
- Distribute the assets of the estate according to the terms outlined in the deceased’s will or via intestacy.
- Obtain Probate.
- Prepare, and submit, any outstanding Personal Tax Returns up to the date of death.
- Prepare estate tax returns, and ensure all outstanding tax liabilities of the estate are settled, prior to its distribution.
- Prepare the final estate accounts.
- Provide advice on tax planning opportunities for the estate and/or beneficiaries who may be in charge of significant income, or assets, for the first time.
- Provide ongoing Inheritance Tax and succession planning advice.
By using PAW Consulting Ltd, you can rest assured that everything will be carried out correctly, with compassion and discretion, and delays will be minimised.
We only charge for what we do and we do not add on a percentage fee based on the value of the estate. We work together with you and ensure that you are always kept up-to-date on how an estate is progressing.
Ask about out fixed fee arrangements which start from just £2,500 plus VAT
For more information about our services please contact us or email us at email@example.com
At PAW Consulting Limited we aim to build a diverse workplace, employing the very best people regardless of gender, ethnicity, sexual orientation, religion and age. Our current workforce consists of 67% females and 33% males, 40% of our workforce is below the age of 34 and 60% are above the age of 34. 47% of our staff are university educated. We are proud to have a diverse workforce spread across three ethnic groups.