Losing a loved one is difficult enough without the added pressure of managing the complex probate process.
As well as the emotional weight of bereavement, those appointed as personal representatives, such as executors or administrators, face the practical burden of administering the estate correctly in line with the strict probate and tax rules.
Get it wrong and a personal representative can be held personally liable for any errors made during the administration.
While many families instinctively turn to a solicitor to support them with the probate process, Knights Lowe offers a practical and often more cost-effective alternative.
As ICAEW-licensed probate specialists, we are authorised to carry out the reserved legal activity of non-contentious probate in England and Wales, meaning we can guide you through the entire process with the same legal standing as a traditional law firm, but with a greater understanding of your finances.
The advantage of working with an accountant
As accountants, we are particularly well placed to handle the financial complexity that sits at the heart of most estates.
Solicitors are skilled generalists, but estate administration is fundamentally a financial exercise, as it involves calculating income tax liabilities up to the date of death and preparing outstanding returns for HMRC, while also establishing Inheritance Tax exposure and maximising available reliefs.
Our experienced team brings together that probate and tax expertise under one roof, which reduces the need to instruct multiple professionals. This can help to keep both costs and timescales under control.
We also build long-term relationships with our clients and their families, which means that when bereavement occurs, we often already understand the financial picture.
That familiarity can make the early stages of estate administration significantly less stressful for those left to deal with the practicalities of a person’s affairs.
What we can help with
Our services cover the full range of non-contentious estate administration needs, including:
- Establishing the validity of a Will and identifying personal representatives and beneficiaries
- Advising personal representatives on their responsibilities throughout the process
- Obtaining valuations of assets, including the value of business interests
- Calculating income tax liabilities to the date of death and submitting any outstanding returns to HMRC
- Establishing Inheritance Tax exposure and maximising reliefs such as Business Property Relief, Agricultural Property Relief and the available Nil Rate Bands
- Preparing and submitting the grant of probate
- Settling liabilities and distributing assets to beneficiaries
- Drawing up estate accounts to confirm that the administration has been completed correctly
- Advising on post-death planning options such as deeds of variation
- Succession and next-generation planning
How long does probate take?
The timescale varies depending on the complexity of the estate, but as a general guide, the process typically takes between six and twelve months.
Factors, such as the speed at which asset valuations can be obtained, confirming the validity of the will and understanding what was held by the deceased, all affect the overall timeline.
However, we will keep you informed at every stage and work to move matters forward as efficiently as possible.
Want to find out how we can help you with the probate process?
We offer a free initial consultation to assess the estate and provide a clear indication of likely costs before any commitment is made, so you can make an informed decision from the outset.
To find out how Knights Lowe can support you and your family through the probate process, contact our team today to arrange your free consultation.
