Probate_ and_ Estate_ Services_ –_ A_ new_ service_ from_ Silver_ Levene
Death. It’s not an easy thing to talk about, but it is something that every family will experience. When someone dies, there are many legal and financial procedures which have to be completed, probate and administering the estate is just one of these.
Up until recently, probate could only be carried out by licensed probate practitioners such as solicitors or banks. A change in the law has meant that accountants can now undertake probate, providing they are accredited to do so.
We are delighted to announce that Silver Levene are now authorised to provide non-contentious probate services.
Choose your probate practitioner carefully
One of the reasons Silver Levene became authorised probate practitioners is due to some of the worrying experiences our clients have told us about, particularly where a family solicitor or bank was handling their loved one’s estate. Over the years we have heard stories about:
- Simple estates taking years to complete due to the professionals involved not being proactive in handling the communications to the different authorities, thereby delaying the release of assets to the beneficiaries.
- Issues arising from Inheritance Tax, Income Tax and Capital Gains Taxes calculations on the deceased’s estate, which the family was not expecting.
- The excessive fees that many of these professionals would charge, leaving the family in debt after everything had been finalised.
We realised something had to change.
How Silver Levene can help you or your family
- We aim to complete the process as swiftly as possible.
For clients of Silver Levene, we are likely to already have most, if not all, of your financial and taxation information. For example, details about the assets you own, your personal and business interests, savings and investments etc. This can make the probate process much easier and quicker to complete. We are also proactive at chasing the relevant parties to reach decisions, thereby keeping the process moving in the right direction. Our aim is to bring the process to a swift conclusion, which could ultimately help to reduce the costs.
However, even if you are not a client, we can still handle the probate process for you. Our expertise in all areas of taxation and accounting, together with our knowledge of probate and estate administration, means that we know what information will be required by which authorities during the different stages of the process. Where we can, we will identify ways of speeding up the process.
- We will minimise your tax liabilities wherever possible.
As accountants, we are experienced in handling all areas of taxation; the processes involved in calculating what tax is due; and liaising with HMRC. We know what to look for and what needs to be done.
Nevertheless, we don’t stop there. We look at ways to minimise any tax due from the deceased’s estate as well as identifying ways in which your family could benefit from reducing tax bills in the future.
- We take care of everything, not just probate.
Carrying out probate and estate administration is just one aspect of how we can support you. We also provide the following services:
- Will reviews to make sure they cover all aspects of your life and take into account any life-changing events such as getting married (or divorced), having children etc.
- Setting up executorships for your Will, so that your wishes will be carried out as you intended.
- Drafting Lasting Power of Attorney Documents to cover your health and welfare and your property and financial affairs.
- Estate and inheritance tax planning, as well as personal and corporate tax planning to help you keep future tax liabilities to a minimum.
- Referring you to our recommended Independent Financial Advisors to give you sound, practical financial advice.
Depending on the complexity of the deceased’s estate, it may be possible for you to undertake some or all of the probate process yourself. However, this can be a very complex process and many people are put off from doing it themselves due to the legal, financial and taxation implications. If you would like to look into carrying out the probate and estate administration process more information can be found on the government website at: www.gov.uk/applying-for-probate.
Contact our professionals