Vision Consulting is extending its service provision to offer services for Probate…
It is our pleasure to announce that we are now licensed by the Institute of Chartered Accountants in England and Wales to carry out the reserved legal activity of non-contentious probate.
What is probate?
Probate is a term used generically to refer to the process of dealing with the estate of a deceased person. The people who are legally entitled to deal with the estate of the person who has died are known as ‘personal representatives’. The probate process ensures that: the appropriate person has the legal right to administer titled property, bank accounts and related property, relevant taxes are calculated and paid, money owing to creditors and owed by debtors is collected, and, if a Will has been made, the deceased’s remaining assets are distributed to the beneficiaries in accordance with his or her wishes. The right to do this is known as a “Letter of Probate”.
Probate is also important where a Will has not been made so that those who have the legal right to manage the deceased’s affairs can do so by obtaining the probate rights of administration via what is known as a “Letter of Administration”.
The relevant obligations and procedures can be overwhelming during an already difficult and emotional period. As your trusted advisors, we are here to guide you through the complexities of probate. In particular, where there are various family aspects to consider, we can provide practical guidance, impartiality as well as technical legal and tax knowledge.
Benefits of Using an Accountant for Probate
If we already manage your accounts and finances, we have an intimate knowledge of your situation which enables us to understand your needs and case better. We can offer a complete probate service enabling the entire process to be dealt with by one professional, saving you both time and money.
Our suitably qualified probate specialist can provide an overview of the process and provide assistance in relation to the whole process of obtaining Probate and estate administration, or assist with specific aspects if that is what you prefer. Where appropriate, we may also be able to provide technical insight regarding the tax implications as well offering practical support during this difficult time.
Our services range from providing help to obtain a probate, to inheritance tax and capital gains tax advice, and the management of the estate in accordance with the Will, or otherwise as necessary in the case of a sudden death.
Our services include but are not limited to:
- Sending notifications of death to relevant organisations
- Assessing whether there is any entitlement to bereavement allowances or benefits
- Reviewing the validity of the Will, any codicils (amendments to the Will), and legacies
- Identify the composition of the estate and work out whether a grant is needed
- Value the estate
- Prepare and submit inheritance tax forms
- Calculating the tax position up to the date of death and for the period of administration of the estate
- Prepare and submit applications for a grant of probate (where there is a Will) or a grant of administration (where there is no Will)
- Place statutory notices of death in the London Gazette
- Take control of estate’s assets
- Settle any debts of the estate
- Pay any legacies and transfer the balance to the residuary beneficiaries
- Prepare accounts for the estate
While there is a cost associated with obtaining probate services, this can be seen in relation to the size and complexity of the estate, along with the emotional and practical difficulties faced when a death occurs.
Get in Touch….
To know more about our probate services, get in touch with our probate team:
Mayfair office
Fifth Floor East, Lansdowne House, 57 Berkeley Square, Mayfair, London, W1J 6ER, UK
T. +44 (0)207 469 4096, F. +44 (0)870 762 5273
Central London office
The Gherkin, 28th Floor, 30 St Mary Axe,London,EC3A 8EP,UK
T. +44 (0)207 469 4096, F. +44 (0)870 762 5273
Gants Hill office
555-557 Cranbrook Road, Gants Hill, Ilford,Essex, IG2 6HE, UK
T. +44 (0)208 554 2135, F. +44 (0)870 762 5273
Details of the firm’s probate registration can be viewed at icaew.com/probate, under the firm’s reference number C004563153