Making it easier to cope at a difficult time

The world of probate has now opened up, writes LESLEY TOOLEY of accountancy firm Page Kirk. That spells good news for people looking to deal with financial issues at a painful and stressful time.

It’s hard to believe that a third of the population in the UK don’t have a valid will. This lack of preparation can mean that their wishes may not necessarily be fulfilled after they’ve died. It’s even more of an issue, of course, if we’re talking about a couple who are aren’t married and have children.

Dealing with probate can be a time-consuming and stressful business, particularly as the administrative burden comes at a time of great personal sadness. So who do you turn to for help?

Well, for many years probate was a ‘reserved’ legal service, which could only be overseen by members of the legal profession. Since December 2014, however, the Institute of Chartered Accountants in England and Wales (ICAEW) has become approved regulator for probate services. This means that, once licenced, an approved chartered accountant and ICAEW member can provide clients with a full probate service.

In the past, as accountants, we could get involved in the administration of the estate, but that was not the same thing as applying for the grant of probate itself. Now, it’s possible to provide the full service – either on a standalone basis or in conjunction with legal professionals. My own firm, Page Kirk LLP, is one of the first accountancy practices to be licenced in this area.

So as well as advising clients on inheritance tax planning, preparing wills and giving support in relation to lasting powers of attorney, we can also offer:

• advice, support and assistance with estate administration;
• completion of probate forms and application for grant of probate (including collection of assets, dealing with property and distribution of assets);
• general advice and support on the role of the estate executor/administrator;
• a service in which we act as executor and/or trustee for those clients who want to retain a professional to assist the family; and
• guidance on the use of trusts for tax and succession planning.

We see these new services as a natural extension to those we already offer. As our client relationships tend to be long term, we are in a good position to understand and appreciate their wishes and intentions. Of course, we also hold much of the information that is needed to carry out probate and administer the estate cost-effectively. Outside the close family, there are few people who can have the same level of appreciation of a client’s financial and tax affairs.

For more information email lesley.tooley@pagekirk.co.uk or call 0115 9555500.