Estate Administration
What can we do for you?
We can provide professional assistance to executors and administrators (personal representatives) in settling the financial affairs of a person who has died. We can undertake the whole admnistration of an estate or assist with specific aspects. We offer a personal and flexible approach, and most importantly, an efficient service.
Duties of Personal Representative
The personal representatives must identify and value the deceased's assets and liabilities and make a formal Return of that information to HMRC and the Probate Registry. They must pay any Inheritance Tax due and apply for a Grant of Probate. The Grant authorises them to deal with the deceased's property. Once the Grant is obtained, they can collect in the assets, pay debts and distribute the estate in accordance with the Will or the laws of intestacy. They have a duty to provide accounts to the beneficiaries, and if required the Court. They must finalise the deceased's tax affairs and settle any tax liabilities arising during the period of admnistration.
In some cases the personal representatives will carry out these duties without the need for assistance, but it is often advisable to engage a probate specialist, whose fees are paid from the assets of the estate.
Why use a professional?
Many aspects of estate administration require specialised knowledge. Members of STEP are the acknowledged experts in the field of trust and estate admnistration. We can help with:
Estate administration is time consuming. The estate may be complex with incomplete documentation, requiring hours of meticulous organisation. Even in a relatively straightforward estate, you will have to write letters, complete forms, photocopy documents and spend a good deal of time on the phone to call centres. Many executors, with work and family responsibilities, simply do not have the time.
Impartiality. The distribution of a deceased's estate may be the occasion of dispute among beneficiaries. An independent practitioner can provide reassurance that the estate is being administered correctly.
An experienced and systemised approach. This is where an accountant has the advantage over other professionals and can reap rewards for the client. We finalise many estates and invariably find something which has been overlooked. Accountancy training is invaluable when it comes to keeping track of everything, tying up loose ends and 'balancing the books'.
Cost effective fees. Our fees are calculated with reference to the complexity of the estate and where possible estimated in advance. They compare favourably with banks and solicitors. A guideline price is 2% of the value of the estate for full admnistration. The true cost is often much less in the light of tax savings, discovered assets and time saved. Fees are paid by the estate so effectively shared by all residuary beneficiaries.
Estate Accounts for Solicitors
We have developed a systemised approach to producing estate accounts from solicitor’s files and client ledgers. Nevertheless, we offer a flexible format to suit the needs of each individual case. We have a great deal of experience in this area, and practitioners will find that it is more economical to outsource this aspect of the administration to a specialist.
As part of the accounting process, we will identify outstanding matters, missing assets and potential tax savings. We will finalise the tax affairs and ensure that distribution is in accordance with the law and the Will.
Please contact us if you would like to know how we can help you close your probate files and accelerate final billing.