The period following the death of a loved one is incredibly distressing, particularly for the executor who is tasked with the job of administering the estate and managing other personal affairs.
In some cases, the executor will be able to administer the deceased’s estate themselves. However, in most cases, a licensed probate professional is required, whether that be a solicitor or accountant, to warn of any traps for the unwary.
In this article, we take a look at the reasons why an accountant may be the preferred choice for managing probate.
Existing financial information
The deceased’s existing accountant will already have an in-depth understanding of their financial affairs, and if they had a business, will be familiar with the nature of it and any plans they had in place for succession. This will save you considerable time when it comes to preparing all the necessary paperwork for the Probate Registry and HMRC.
Save time and money
Expanding on the above, it’s important to note that most probate accountants charge by the hour, so if an accountant already has access to existing financial information, this will significantly reduce the amount of time required to complete the job, thus saving the estate money.
Cost-competitive
Many solicitors charge for their service based on the value of the deceased’s estate, which can be extremely expensive. In some cases, this can be as high as 4%! Accountants, on the other hand, as mentioned above, will almost always charge on an hourly basis, making them much more cost-competitive.
An all-in-one service
Valuing the estate often requires input from an accountant, even if the probate is handled by a firm of solicitors. Likewise, if a solicitor is completing and submitting form IHT400 to HMRC, they often need financial guidance from an accountant. This involves engaging two separate professional firms, potentially causing delays and increasing costs.
Let Langdowns DFK Probate & Estate Services take care of the probate process for you. Speak to a member of our team on 02380 613 000 or probate@langdownsdfk.com.