Probate and estate administration – we’re here to help
Losing a loved one can be one of the most stressful and emotional times of your life. It therefore seems unfair that during this time you may have the additional responsibilities of overseeing the legal and financial aspects of the deceased’s estate.
You can undertake this process yourself. However, at Roger Lugg & Co we can take this extra burden away from you.
We are fully qualified and experienced to handle the probate and estate administration process for you, as well as giving you guidance on estate planning, inheritance tax planning and trusts.
What is probate?
Probate and estate administration is the financial and legal process which takes place after someone has died. The purpose is to make sure all relevant taxes are collected, money owing to creditors is paid, debts owed to the deceased are collected and the remaining assets from the estate are distributed to the relevant beneficiaries.
It can be a very complex procedure and with this in mind Roger Lugg & Co have created “A Guide to Probate” and also “A Glossary of Probate and Estate Administration Terms” to help explain what’s involved and the terminology that is used. Copies of these documents are available from our office, or you can download them from our website at rogerlugg.co.uk.
Applying for probate
The probate process can be very time consuming and involves complicated legislation and financial information, which can be very daunting if you’re not used to dealing with such matters. Typically the process involves:
However, don’t worry, we can carry out some or all of these actions on your behalf and take the stress out of what is already a distressing time.
Why choose Roger Lugg & Co?
If the deceased was a client of ours you can be assured that we knew a lot about his or her financial circumstances. Our relationship may have involved: preparing annual accounts and / or completing tax returns; meeting up on a regular basis to discuss business and financial affairs; and developing an understanding of his or her background and family. This is all vital information when going through the probate process.
Furthermore, we can simplify the process as we are likely to have the details of their finances, assets and business dealings. This can save you lots of time and money when it comes to preparing the necessary paperwork for the Probate Office and HMRC.
We are happy to work with the deceased’s existing accountancy firm, if they are not licensed to provide probate services, to extract the necessary financial and legal information required. Probate and estate administration is largely an accounting and taxation exercise, which of course is what we do all the time.
Traditionally, banks and solicitors have charged a percentage of the value of the estate to carry out any probate work. In some cases this has been as high as 4% for even the most simple of estates to administer. Also, in some cases, the time it takes them to gather all the necessary financial and tax related information can prolong the process.
At Roger Lugg & Co our understanding of financial documents, particularly when it comes to calculating inheritance tax, income tax and capital taxes, means that can we carry out the procedure quickly and succinctly. This is especially relevant where the deceased was a client of ours. This means we spend less time gathering all the relevant information, therefore keeping the costs to a minimum.
As Chartered Accountants & Chartered Tax Advisers you can be confident that we have the specialist knowledge required to handle the tax affairs of the deceased. Not only can we steer you through the path of inheritance tax, income tax and capital taxes, our experience may also help you and the beneficiaries to minimise the amount of tax that needs to be paid from the estate.
As well as calculating the taxable liabilities of the deceased’s estate, we can also work with you and any of the beneficiaries to set in place plans to minimise their future tax burdens.
Last, and by no means least, you can be assured of a discreet and compassionate service. We fully appreciate how difficult this time is for you, your family and your loved ones, so we take as much of the administrative burden away from you as possible.
By using Roger Lugg & Co we aim to:
Roger Lugg & Co Diversity 2021 Policy & Interpretation
We treat everyone equally and with the same attention, courtesy, and respect regardless of age, disability, gender, marital status, race, racial group, colour, ethnic origin or nationality, religion or belief, sexual orientation or working pattern.
We are opposed to all forms of unlawful or unfair discrimination. We seek to promote equality of treatment and opportunity in employment. We avoid unlawful discrimination in our dealings with each other, our clients and third parties. Selection for employment, promotion, training, or any other benefit is on the basis of individual aptitude and ability.
View our diversity data here.