Probate and Estate Services
Historically only solicitors were able to legally manage someone's estate after their death.
But from late 2014, suitably qualified accountants have had the legal authority to offer wills and probate services as well. We are accredited by the Institute of Chartered Accountants as specialist probate accountants who can offer probate service. Details of our probate accreditation can be viewed at icaew.com/probate under reference number C001351990.
Many people believe that this move has and will continue to drive down prices as competition increases. Accountants are also more likely to offer fixed costs, while solicitors often charge a percentage of the estate.
If you are already a Carbon Accountancy client, there is a significant additional benefit in that we will already have an in-depth knowledge of your financial affairs and if you have a business, will be familiar with the organisation and any plans you have for succession.
We are also in all likelihood already dealing with much of your personal financial matters which may include estate and tax planning as well as trust management.
Drafting wills and dealing with probate on death is a natural extension to this service, as we have the underlying information about your financial affairs readily available.
Probate is in many ways about numbers, having the knowledge and expertise to deal with assets (property, possessions, bank accounts, investments etc) and debts on death. Some solicitors may not always be comfortable with the financial intricacies surrounding Probate.
At Carbon Accountancy, we are experts in taxation, as you would expect, which means we aim to minimise the Estate’s liability as far as possible. We also negotiate valuations with HMRC on an ongoing basis, and simply extend this into our probate service, to help lower tax liabilities.
Specialist UK Services for Irish Probate Solicitors and Lawyers
Carbon Accountancy also offers a specialist service for probate solicitors and executors in the Republic of Ireland. Probate in Ireland may be very similar to that of the UK, in that the courts in Ireland, like in the UK, will issue a grant of probate or administration. However, should the deceased person in Ireland hold assets in the UK, then a fresh application in the UK will be required. We act regularly for lawyers and clients from Ireland who need help collecting UK assets.
Probate Services from Carbon Accountancy
• Helping clients to obtain the grant of probate where necessary. This stage is your first step and we can support and advise even if the value or details of the Estate are not clear yet.
• Researching and establishing the value of the Estate
• Liaising, negotiating and agreeing with the Capital Taxes Office regarding the valuation of assets and debts and subsequently the amount of inheritance tax due plus Clearance Certificate application
• Advising asset holders (banks etc) about the Grant of Probate, then collecting in assets, selling assets, paying debts
• Drawing up accounts to show what monies have been received and paid out by the Executors
• Establishing a schedule of funds due to creditors and beneficiaries and making final payments. We can also advise beneficiaries in terms of tax implications, including if they want to sell any assets
• Should the deceased die intestate (which means that they have not left a will) then by law you need to appoint an Administrator, who acts much like an Executor – we can perform this role for you
• As well as dealing with any Capital Gains Tax and Inheritance Tax in general – deducting debts (including funeral expenses) from assets and establishing amounts due if relevant, these can be reduced or even eliminated with professional planning and we can advise on this also using our professional services network.
Please don’t hesitate to call us for further advice.
You should register the death within 5 days if you are in England or Wales. You can do this at the Births, Deaths and Marriages Register Office nearest to where the person died and you will need to make an appointment and have a death certificate signed by a GP. If a death occurs outside of the UK, the death will need to be registered according to local regulations depending on the jurisdiction.
