Probate & Estate Administration

Maidenhead probate

Losing a loved one can be one of the most stressful and emotional times of your life. It therefore seems unfair that during this time you may have the additional responsibilities of overseeing the legal and financial aspects of the deceased’s estate.

You can undertake this process yourself. However, at Anavrin we can take this extra burden away from you.

We are one of the few accountancy firms in Maidenhead to be licensed to carry out probate work, following a major change in the law in 2014 which previously only allowed solicitors or banks to carry out this work.

We are fully qualified and experienced to handle the probate and estate administration process for you, as well as giving you guidance on as estate planning, inheritance tax planning, wealth management, financial planning & trusts etc.

What is probate?

Probate and estate administration is the financial and legal process which takes place after someone has died. The purpose is to make sure all relevant taxes are collected, money owing to creditors is paid, debts owed to the deceased are collected and the remaining assets from the estate are distributed to the relevant beneficiaries.

An overview of the process:

  1. Register the death and start to gather information.
  1. Find out if there is a valid will. If so, review it carefully. If not, follow intestacy rules.
  1. Safeguard and protect the estate. Secure and insure assets & property.
  1. Identify all assets and liabilities to value the estate.
  1. Open estate bank account. Maintain financial records and notify organisations.
  1. Calculate and pay any inheritance tax due. Apply for grant of probate.
  1. Collect assets. Pay debts and expenses.
  1. Prepare estate accounts.
  1. Pay the estate to the beneficiaries.

It can be a very complex procedure and with this in mind we have created “A Guide to Probate” including a “A Glossary of Probate and Estate Administration Terms” to help explain what’s involved and the terminology that is used. You can view the guide here.

Why choose Anavrin?

  • An existing client? A lot of the work is already done!

If the deceased was a client of ours, you can be assured that we know a lot about his or her financial circumstances. Our relationship may have involved: preparing annual accounts and / or completing tax returns; meeting up on a regular basis to discuss business and financial affairs; and developing an understanding of his or her background and family. This is all vital information when going through the probate process.

Furthermore, we can simplify the process as we are likely to have the details of their finances, assets and business dealings. This can save you lots of time and money when it comes to preparing the necessary paperwork for the Probate Office and HMRC.

  • Not an existing client?

We are happy to work with the deceased’s existing accountancy firm, if they are not licensed to provide probate services, to extract the necessary financial and legal information required. Probate and estate administration is largely an accounting and taxation exercise, which of course is what we do all the time.

  • Competitive pricing

Traditionally, banks and solicitors have charged a percentage of the value of the estate to carry out any probate work. In some cases, this has been as high as 4% for even the simplest of estates to administer. Also, in some cases, the time it takes them to gather all the necessary financial and tax related information can prolong the process.

At Anavrin our understanding of financial documents, particularly when it comes to calculating inheritance tax, income tax and capital taxes, means that can we carry out the procedure quickly and accurately. This is especially relevant where the deceased was a client of ours. This means we spend less time gathering all the relevant information, therefore keeping the costs to a minimum.

Our hourly rates are lower than banks and solicitors and we don’t charge a percentage of the value of the estate. In straightforward cases we can usually offer a fixed price in advance for our work.

  • Tax specialists, helping to keep your tax liability to a minimum

As Chartered Accountants & Tax Advisers you can be confident that we have the specialist knowledge required to handle the tax affairs of the deceased. Not only can we steer you through the path of inheritance tax, income tax and capital taxes, our experience may also help you and the beneficiaries to minimise the amount of tax that needs to be paid from the estate.

As well as calculating the taxable liabilities of the deceased’s estate, we can also work with you and any of the beneficiaries to set in place plans to minimise their future tax burdens.

  • A confidential, personal service

Last, and by no means least, you can be assured of a discreet and compassionate service. We fully appreciate how difficult this time is for you, your family and your loved ones, so we take as much of the administrative burden away from you as possible.

In summary

By using Anavrin we aim to:

  • Complete the probate process as quickly and as smoothly as possible.
  • Keep the amount of tax the deceased’s estate has to pay to a minimum.
  • Keep the costs of administrating the estate as low as possible.
  • Maximise the amount of money available to the beneficiaries.

Contact us

For a free probate consultation, please contact Rob Griffiths on:

Tel: 07881 637328

Email: rob.griffiths@anavrin.co.uk

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