PROBATE APPLICATION

We gather together all of the information concerning the deceased’s financial affairs and prepare a summary of the assets and liabilities at the date of death which we then use to prepare the paperwork required to apply for Grant of Probate or Letters of Administration.

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INHERITANCE TAX (IHT)

We calculate the IHT due on the estate and on any gifts within the previous seven years, as well as completing and filing all relevant IHT forms with HMRC. RWP Probate can assist Executors with the process of settling IHT due using HMRC’s Direct Payment Scheme. 

 

INCOME TAX

We will sort out the income tax position to the date of death and file any outstanding tax returns. 

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ESTATE ADMINISTRATION

Once Probate has been granted, Executors and Administrators are able to close bank accounts, sell investments and properties and transfer assets or cash to beneficiaries under the terms of the Will, all of which we can deal with as part of our service. We can provide tax advice during the administration and ensure that any income or capital gains tax liabilities are reported to and settled with HMRC

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ESTATE ACCOUNTS

We can prepare estate accounts for all transactions that have occurred during the Estate period.

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ADVICE TO BENEFICIARIES

We will provide paperwork to the beneficiaries detailing estate income received and tax deducted. We can also assist them with any returns that may need to be made to HMRC as a result.

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DEALING WITH BUSINESSES

If the person who died ran a business this can potentially cause difficulties for the family particularly if the deceased had sole control over the business bank account. Through the accountancy practice, we can offer help and advice regarding running a business during the estate administration period. 

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We can help with business and share valuations at the date of death and agree these valuations with HMRC.

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TRUSTS

If the Will created a trust we can ensure it is properly registered with HMRC, and assist with the accounts, tax returns and advice as required by the trustees.

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CONTENTIOUS CASES

We are unable to act for contentious cases, however, we can refer you to a suitable solicitor and may be able to work on other aspects of the estate administration.