As specialists in this area, we can provide you with all the assistance you need to get through this difficult time and help ensure you carry out your legal responsibilities whilst providing you with the advice you need to act in the best interests of the beneficiaries.
What is probate?
When a loved one dies, institutions will often require you to obtain a Grant of Probate in order to deal with the assets that belonged to that person.
The Grant of Probate is a document obtained from the Probate Registry which names either the Executors, if there is a Will, or Administrators if they are obtaining the grant in a different capacity such as a beneficiary, or where there is no Will. Where there is a Will, a copy is attached to the original Grant.
In order to obtain the Grant, you must compile details of all the assets and liabilities in the Estate and complete one of two Inheritance Tax forms. If Inheritance Tax is due then the larger of the two forms will need to be completed and the tax will need to be paid to HMRC before you can apply for the Grant
Once the Grant has been obtained, the assets must be sold or transferred, the liabilities must be paid and the Estate must account for any income or capital gains tax due for the period to the date of death and the administration period. This may involve the completion of both a personal and Estate Tax Return.
How can Gepps help?
Whilst there are many options available today for probate services, at Gepps we believe we have the best team to assist you and ensure that completion of the administration is as simple as possible.
We have a full in-house team who can deal with all aspects of estate administration including legal, tax and accounting specialists.
We take a holistic view and can assist you with one or all of the different stages of the administration, ranging from only the completion of the inheritance tax forms and obtaining the Grant of Probate to dealing with the entire administration through to final distributions to the beneficiaries. We can advise you at each and every step of the process and will be led by you as to how much or how little you want us to be involved.
You will have a personal contact who is a specialist in the field, who understands the estate and who will work with you throughout the whole process.
Our specialist probate team can help you with as much or little of the administration as you wish, it is up to you. The services we offer include:
- Obtaining the Grant of Probate from the Probate Registry;
- Advising Executors and Administrators on their legal obligations and responsibilities.
- Completing the inheritance tax forms and ensuring you claim all available reliefs, including Agricultural Property Relief Business Property Relief and the new Residential Nil Rate Band.
- Dealing with the assets and liabilities of the estate, including the transfer or sale of property, businesses or partnerships.
- Advising on or managing any ongoing trusts created under the Will, including registering them through HMRC's new Trusts Register.
- Liaising with beneficiaries on the tax planning opportunities available to them through trusts or deeds of variation.
- Minimising the income or capital gains tax paid by the estate.
- Advising on a claim against the estate under the Inheritance Provision for Family and Dependents Act 1975 or a claim as to the validity to the Will.
- Preparation of Estate Accounts for the residuary beneficiaries and payment of legacies and distributions.
Contact our team
To find out more about the services that we can offer you, please get in touch.