Dealing with your affairs when you die, is a process known as ‘probate’ and has traditionally been dealt with by the legal profession.
However, things have now changed and this is no longer a reserved legal service. Here at Charlton Baker we are pleased to announce that as an approved Chartered Accountant and ICAEW member, we are now authorised to perform non-contentious probate services.
This means that we are now able to combine inheritance tax planning with the management of estates when you or your loved ones pass away.
As inheritance tax (IHT) is payable within six months following the death of an individual, probate cannot be granted until the IHT has been paid. This means that there could be a delay in distributing assets to loved ones. We can deal with all the advice your executors or personal representatives will need so that the assets of an estate can be distributed in a timely and efficient manner.
By reviewing your estate as early as possible we can look at any ways in which we could mitigate your exposure to IHT. This information can then be pulled together in one document and it would contain all of the necessary information that would be required in order to deal with the probate. Not only would this serve as a valuable tool for you and your family, it would take away the stress and worry at an already difficult time.
It is never too early to start inheritance tax planning and considering ways to mitigate the 40% inheritance tax arising on your estate, so that more can be passed to your loved ones.