Mitchells
Chartered Accountants
Estate Adminstration
Our estate administration service is designed for farming families, offering expert guidance to navigate complex estate management and ensure the seamless transition, growth, and preservation of your family’s farming legacy and assets.
Grant of Probate
Securing the grant of probate is an essential legal step in estate administration. Our experienced team handle all the necessary paperwork and legal formalities to obtain the grant efficiently. This legal document empowers the executors to manage and distribute the estate according to the will, ensuring that the process moves forward without unnecessary delays.
Asset Collecting
Collecting the assets of the estate is a detailed and often complex process. We coordinate with various institutions, such as banks and investment firms, to gather all the necessary information and assets. Our goal is to ensure that all assets are accurately accounted for and managed, preserving their value and preparing them for eventual distribution.
Inheritance Tax Account
Preparing the inheritance tax account can be a complex task that requires a thorough understanding of not only the estate's assets and liabilities but also the relevant tax legislation. Our team is well-versed in the intricacies of inheritance tax, particularly the reliefs applicable to agricultural and business property. Our careful approach ensures compliance with legal requirements and provides peace of mind to farming families, preserving assets for future generations.
Initial Meeting
The initial meeting with the family is a vital step in the estate administration process. During this meeting, we take the time to understand the family's situation, the assets involved, and the wishes of the deceased. Our goal is to provide clarity and reassurance, explaining the necessary steps and addressing any concerns the family may have. This personalised approach ensures that we develop a strategy that respects the family's needs and maximises the available tax reliefs.
Estate Tax Returns
Filing estate tax returns is a crucial component of estate administration, ensuring compliance with all relevant tax laws. We prepare and submit the returns to H M Revenue and Customs, taking into account all available reliefs and deductions to minimise the estate's tax liability. We ensure that the estate's tax affairs are in order, providing peace of mind to the family during a challenging time.
Estate Accounts
Maintaining clear and accurate estate accounts is essential for transparency and accountability. We prepare comprehensive accounts that detail all transactions related to the estate, providing a clear record for the executors and beneficiaries. This documentation is crucial for demonstrating that the estate has been managed properly and that all assets have been distributed according to the deceased's wishes.
Estate Distribution
Distributing the estate's assets to the beneficiaries is the culmination of the estate administration process. We ensure that this distribution is carried out in accordance with the will and any legal requirements. Our careful management of this process helps to prevent disputes and ensures that the beneficiaries receive their rightful inheritance promptly and efficiently.
