One consequence of the Firm’s partner-led service is that our clients tend over time to forge a close and trusting relationship with the Partner responsible for their affairs. It is therefore perhaps unsurprising that many clients ask a Partner of the Firm to act as an Executor under their Will. This can be done either through a personal appointment or through the Firm’s trust corporation.
The Firm is authorised by the ICAEW to conduct non-contentious probate work, and a number of the Firm’s partners and Directors are qualified to provide these services. We can therefore work with the co-executors of the estate and its beneficiaries and offer full and immediate professional support through to the end of the administration period.
We recognise the sensitivity which is required at such a time. With our existing detailed knowledge of our clients’ financial affairs, we are well placed, with a comprehensive understanding of their financial affairs, to identify the assets falling within the estate, liquidate them where necessary, prepare estate accounts and distribute the estate to the beneficiaries in accordance with the Will. Where the Will provides for the creation of a trust to hold the assets from the estate going forward, we are then able to provide a full range of trustee and trust administration services.
As tax specialists, we can also advise carefully on the Inheritance Tax implications of the estate. Sometimes, beneficiaries of an estate wish to disclaim or vary their entitlements and this can have an impact on the Inheritance Tax position. This is an area in which we frequently advise and have significant experience. Where business interests fall within the estate and have to be valued, this is an area where we have considerable experience and we are able to negotiate and agree valuations with HMRC, as well as agree the availability of reliefs.
At a difficult time for the family, our role is to ensure that the estate is administered with efficiency and discretion.