Using an Accountant for Probate
When someone passes away, a Grant of Probate is typically required to ensure their estate is handled legally and that assets are distributed fairly. The administrative process behind Probate, however, can be long-winded and complicated, which is why many people seek out a Kent accountant for probate services and other professional help to ease the burden.
If you’ve been named the executor of a Will, you’ll be faced with many Probate questions, and going it alone might seem daunting. So, here’s why using an accountant that you respect, and trust is a good idea.
You Might be Overcome with Grief
The passing of a close friend or relative can be an extremely difficult time and if you’re overcome with grief it can be tricky to think clearly – let alone make inheritance tax calculations and collect all the necessary information that is needed for a Probate application. This is where Kent tax advisors can help, as they’ll work out the value of an estate quickly and seamlessly so that you don’t have to. With a professional managing the more complex areas of Probate, you can take more time to grieve properly, without being weighed down by excessive paperwork.
The Estate Might be Complicated
In some cases, as an executor of a Will, you might feel confident enough to handle things alone. This could be the case if the deceased’s entire state was held jointly with a surviving loved one as their share will simply be passed on and Probate won’t be needed. Similarly, a Grant of Probate might not be required if the estate is relatively small. Many banks will release funds of between £5000 and £50,000 so you’d need to check their thresholds before proceeding.
If the deceased’s estate is large and/or complicated, however, it’s definitely worth seeking professional help. This is because executors are faced with many complex tasks and paperwork including tax calculations to advise on inheritance tax, the deceased’s income tax liabilities to the date of death, and the income tax liabilities of the estate during the period of administration. Professional accountants would have dealt with these kinds of calculations many times and can get the job done accurately and promptly to avoid delays.
Accountants Tick All the Right Boxes
Applying for Probate is not always easy, but an accountant can guide you through the three-stage process and ensure you have all the relevant documents to hand. For instance, you’ll need the original Will (if there is one) as well as a Statement of Truth and a copy of not only the death certificate but the Probate fees payment too.
Seek professional help today and make the whole Probate experience a lot easier.