Cohen Arnold is licensed to carry out non-contentious probate work. Probate and estate administration is the legal process which takes place after someone has died. The purpose is to make sure that the assets of the deceased are collected, all relevant liabilities and taxes are identified and settled and that any remaining assets of the estate are then distributed to the appropriate beneficiaries.
As licensed practitioners for probate work and trust tax professionals, we are able to assist you with any probate and estate administration needs. Our detailed knowledge of our clients’ financial affairs makes us best placed to make the process as smooth and simple as possible at what is often a very difficult and emotional time.
Our services include:
- Completion of the Inheritance Tax forms – identifying the correct forms to submit depending on the nature of the estate; advising on how to settle any Inheritance Tax and obtaining clearance from HMRC.
- Identifying the assets and liabilities of the estate – including bank accounts, credit cards, private pensions, properties, shareholdings, taxes, etc.
- Obtaining the Grant of Probate or Letters of Administration – assisting the executors or administrators to obtain the “Grant” allowing them to deal with the deceased’s estate.
- Estate administration – realising the assets and settling the liabilities of the estate and distributing the remaining assets to the rightful beneficiaries.
- Income Tax Returns – preparing and submitting the final Tax Returns of the deceased and any estate Income Tax Returns.
- Estate accounts preparation – drawing up financial statements showing the income and expenses of the estate and its distribution to the beneficiaries.
Our fees are based on the amount of time it takes to complete the work and our hourly charge-out rates range between £100 and £350 (exclusive of VAT). These rates are reviewed annually.
It can be difficult to estimate at the outset the amount of time it will take to administer an estate, depending on the range and complexities of the assets and liabilities that comprise the estate and the aspects of the estate the client would like our assistance with. Some clients like to hand over as much work as possible and others seek our help with certain aspects only. As accountants and tax advisers, we can also assist with finalising the deceased’s tax affairs to date of death.
We aim to be realistic and transparent about our charges. We offer a free initial consultation to discuss the scope of the work and to gain an understanding as to the contents of the estate. If you engage us to act, we will then issue you with an Engagement Letter setting out our charges.
Please contact us for more information.