Probate, Trust & Estate Administration

Although many people instruct a firm of solicitors to carry out this work, as accountants we are often best placed to deal with the financial aspects of probate and estate administration in Bury St Edmunds and beyond.

We build lasting relationships with our clients and clients’ families over the years and many now turn to us as trusted advisors, knowing that we will carry out this important and confidential work with sensitivity and precision.

Did you know?

A personal representative can be held personally liable if the administration of an estate is not dealt with correctly.

We are able to help with a range of non-contentious estate administration services including:

• Determining who the personal representatives and beneficiaries of the estate are
• Obtain valuations of business interests for inclusion within the estate summary
• Establishing if there is a valid Will in place
• Advising the personal representatives of their responsibilities and assisting them throughout the process
• Calculating income tax liability for the period up to the date of death and preparing/submitting any returns that may be required to agree this with HMRC
• Establishing the assets and liabilities included in the estate that are subject to Inheritance tax
• Preparing and submitting grant of probate
• Providing guidance with settling the liabilities of the estate and distributing the assets to beneficiaries
• Drawing up estate accounts for the purposes of ensuring the estate has been administered correctly
• Calculate Inheritance tax liabilities payable on estates, including maximising reliefs such as Business Property Relief, Agricultural Property Relief and Nil Rate Bands
• Advise on Inheritance Tax planning strategies including deed of variations
• Next generation and succession planning

We are able to offer you support and guidance through this process. Our sympathetic and friendly staff can provide assistance throughout the estate administration process in a straightforward and efficient manner.

How long does it take to apply for Probate?

The timescale for obtaining probate varies depending on the complexity of the estate.  As a general guide the process takes between six and twelve months but does depend on matters such as how quickly valuations of assets can be obtained, confirming the validity of the Will and understanding what assets were held by the deceased.

The cost of Probate services

Fees can be charged on either a fixed fee basis or charged on an hourly rate.  The cost will vary from case to case depending on matters such as:

• The nature of assets and liabilities held in the estate
• The level of input required from us by the Executors
• Any valuations that need to be performed on assets
• Whether there is a surviving spouse or civil partner
• Whether a valid Will is in place
• How many beneficiaries there are
• Any lifetime gifts made
• Claims for Business Property Relief and Agricultural Relief
• If there are any assets held offshore
• Whether the estate is taxable
• The value of the estate

To obtain probate for a relatively straight forward estate with a property and a few bank accounts along with some personal belongings would cost £1,500 plus VAT.

Our probate team members hourly rates are as follows:

Probate Director: £148 plus VAT

Tax Assistant: £75 – £100 plus VAT

To enable us to give an indication of the fees payable or to obtain a fixed price quote we offer a free consultation meeting to review the details of the particular estate in question.

Contact us for Probate services in Bury St Edmunds, to arrange a free no obligation consultation to get a quote.