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Probate Explained: Our #BrighterThinking guide

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David Truman

David Truman –
Private Client Partner

Craig Hughes

Craig Hughes –
Private Client Partner

Having supported our clients throughout their working life and then into their retirement, we are also experienced in dealing with and providing probate advice and estates advice. As the trusted advisor, we aim to support the family members and beneficiaries through this difficult time and have specially qualified partners and staff who can assist with a wide range of services.

What is probate?

Probate, or the granting of probate, is the legal process of proving one’s Will, which is essentially giving one the right to administer the estate. The term probate is also often used to describe the whole process of winding up one’s estate after death; administrating the deceased’s estate, collecting in and valuing their assets, settling their debts and liabilities and then allocating the remaining estate to the beneficiaries.

When is probate required?

When someone passes away, you need to apply for the right to deal with their property, money and possessions.

Key Probate Considerations

  • Is there is a will?
  • Who is the executor?
  • Who inherits?
  • What is the value of the estate?
  • Are there debts?

The probate checklist

  • Check if there is a will which appoints someone to administer the estate, otherwise next of kin can apply
  • Collect together the assets of the estate
  • Pay off any debts
  • Pay any Inheritance tax that is due
  • Apply for probate
  • Distribute the estate according to the will or intestacy rules.

Menzies: Guiding you through probate

We will commit to providing a competitive service and to keep you informed throughout the process. We also have partners who are able to act as Executors and Trustees, if required, along with members of the family.

Our probate services

We use our tax and accounting expertise, combined with our advisory led approach to guide you through the process. We can manage as much or as little of the process as required, helping you remove the headache from paperwork and legal duties. Our probate service offering includes:

  • Valuing the estate
  • Completing IHT forms
  • Completing probate forms
  • Preparing estate accounts
  • Preparing tax returns for the deceased
  • Preparing tax returns for the estate.

“My expectations were exceeded at all stages of the process with Menzies. I was kept well informed at all times and advised on the best course to take. What I liked the most was their friendly yet professional attitude.”

Mrs J. Williams

Having worked with our clients throughout their life to create a plan for their wealth, we feel that we are best placed to provide probate services. Not only do we have a number of STEP qualified members within our team, but because we are accountants, we can advise on a full range of accounting, taxation and administration matters.

To find out more about the importance of probate, please contact Menzies Partner David Truman or Craig Hughes.

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David Truman - FCCA

Partner

David Truman is Menzies Private Client Tax Partner specialising in private client and personal tax planning services for individuals.