Why You Should Consider an Accountant for Probate

Managing a loved one’s estate after their passing is never easy. The emotional and logistical challenges that you face in such a situation, from managing assets and administering inheritance funds to executing wills and dealing with probate, can quickly feel overwhelming. The lattermost task is a particularly difficult one.

Many people instinctively turn to solicitors when dealing with probate. However, you may be surprised to learn that accountants with the appropriate qualifications and certifications can now oversee and handle the entire probate process, often with several advantages.

At Hamlyns, we are proud to be probate-qualified chartered accountants with ICAEW approval for probate services. We offer a comprehensive suite of services that incorporate our decades of real-world financial expertise and our commitment to professionalism, sympathy and compassion as we help you through this challenging time.

The Role of Accountants in Probate

Traditionally, probate was handled and overseen by solicitors and banks. However, over the years, chartered accountants have emerged as perfectly capable suitors to provide services, given the natural overlap between accounting, estate management, and tax planning.

As a result, executors and beneficiaries needing professional probate and accounting services simultaneously can find themselves in reliable, capable hands.

So, what can an accountant offer to the emotionally testing and confusing probate process that solicitors cannot?

Benefits of Using an Accountant for Probate

1. Existing Financial Affairs Knowledge

Perhaps the most significant advantage of using your accountant for probate is their pre-existing and contextual knowledge. Accountants often work extensively with the same clients for years, so entrusting them to deal with probate invariably gives you a head start as they’re already familiar with the deceased’s financial position, portfolio, assets, liabilities, and more.

At Hamlyns, we often find that when we’re instructed for probate services, our established relationships with our clients’ financial advisers, along with our detailed understanding of their asset structures, business interests, investments, and wishes, give us a tremendous advantage in ensuring probate is dealt with correctly and efficiently.

This preliminary knowledge eliminates the learning curve that a solicitor would need to overcome, potentially saving considerable time and reducing stress during an already difficult time.

1. Specialised Tax Expertise

Probate involves complex tax considerations and processes that can directly impact the value of estates, relief opportunities, and returns.

Accountants bring particular strengths to the confusing and convoluted tax processes involved in probate, including (but not limited to):

Inheritance Tax 

Probate accountants accurately calculate inheritance tax liabilities while identifying available reliefs and exemptions that might be overlooked. This includes property relief options and nil-rate band opportunities, not to mention calculations and allowances.

Income and Capital Gains Tax (CGT)

Accountants and probate experts consider the CGT tax implications for the estate during the administration period, including income generated by asset appreciation, managing CGT on property disposals, preparing tax returns, and advising on tax-efficient timing of asset distributions.

3. Professional Asset Valuation

An accurate valuation of assets is essential for probate and tax purposes. As accountants, we excel at valuing shareholdings and business interests, assessing pensions and portfolios, and identifying intangible assets, among others. This helps significantly when dealing with various HMRC requirements during the probate valuation process.

4. Efficient Estate Administration

An accounting background often gives professional probate experts an advantage in ensuring methodical management of the estate. Such responsibilities – including estate transaction tracking, estate account preparation, financial reconciliation and asset/liability register creation, among others – can be completed with complete confidence, offering peace of mind for executors and beneficiaries.

5. Possibly Lower Costs

It’s not the same for every situation, but many clients find that accountants offer more transparent and often lower fee structures than probate and will solicitors.

Accountants often provide:

• Fixed-fee options rather than percentage-based charging
• Clearly defined service packages
• Value-based pricing reflecting the complexity of the estate
• No hidden charges for routine communications

When is an Accountant-Led Probate Service Most Beneficial?

While accountants can handle all types of probate cases, Hamlyns’ services are particularly useful when:

• The deceased was a business owner or had complex investments
• The estate has significant inheritance tax implications
• The deceased was our client, and we’re already familiar with their affairs
• There are intricate family financial arrangements to consider
• Beneficiaries require detailed financial reporting

Working Together with Compassionate Probate Accountants

At Hamlyns, we recognise that some probate matters invite complex legal questions. In such cases, we maintain excellent working relationships with solicitors and can collaborate effectively while still managing the financial aspects of probate. The end result is a more efficient and cost-effective solution than using a solicitor alone.

If you’re facing the responsibility of administering an estate, consider how Hamlyns’ probate-qualified accountants can provide expert guidance through this complex process. Our team combines technical expertise with a supportive approach, ensuring that your loved one’s affairs are handled with the utmost precision and care.

Contact us today to arrange an initial consultation about our probate services and discover how we can make this challenging time a little easier.