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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.
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.
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.
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.
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.
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