Probate & estate administration

probate
Home > Services > Probate & estate administration

Looking for an answer to a question?

Frequently Asked Questions

We understand that you might have lots of questions when looking for an accountant. For this reason, we have compiled a list of frequently asked questions for you, which we hope will be helpful. However, if you have any further questions, please contact us.

What is Probate?

A Grant of Probate is a legal document that allows executors to deal with a deceased person’s Estate. More generally, Probate also refers to the administrative process that executors must go through in dealing with all aspects of an Estate. This entails settling their financial and property affairs and passing on their inheritance to the beneficiaries after deducting necessary taxes and expenses.

Can Accountants deal with Probate?

This is something that is widely asked as it is sometimes assumed that only solicitors can deal with probate, wills, trusts, and estate administration.
Yes, probate can be dealt with by accountants who are officially licenced to do so. In fact, it can be more beneficial for a licenced Probate Accountant to deal with this as they can also help with the planning of Inheritance Tax that will be due. Using the deceased’s accountant often makes sense as they already have more intimate knowledge of the deceased’s financial affairs.

What is Estate Administration?

When someone passes away, responsibility falls to their personal representative(s) for handling the administration of their estate. This includes gathering the deceased person’s assets, paying off their debts, and distributing any remaining assets to their beneficiaries. The term “Estate” is used to describe a person’s financial holdings, which might include things like cash, bank accounts, pensions, investments, and property.

When should I consider planning for my estate?

Estate planning is not just for those who are wealthy and who own substantial assets, or for those who may be retired or of a certain age.
Simply put, estate planning is arranging for the distribution of your assets after your death in a way that is manageable for your beneficiaries. The potential financial burden of inheritance tax can be mitigated with careful planning.

Not sure what you need?

Message our team today and we’ll take care of the rest for you

Contact us

Ready to get in touch with us and see how our team of accounting and business advisory specialists can help you? Complete our quick and easy contact form and we will contact you to discuss your requirements.

    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. By clicking submit you agree to our Website Terms & Conditions and Privacy Policy.

    Meet the team

    We are incredibly proud of our team here at Nichols & Co, with some of the best chartered accountants, accounting trainees, payroll specialists, auditors and tax advisors in Greater London. Check out our team below.

    Want to meet with us?

    Schedule a meeting with one of our team

    Simply click the button below to be taken to our scheduling calendar where you can pick a date and time that suits you.

    Book a meeting

    Enter search term: