LPA's, WILLS AND PROBATE

Often left to ‘another day’, the three connected items of LPA’s, Wills and Probate work together to give you and your family the protection needed after all the hard work in life. Here we examine the support we can give in each of the three areas.

LPA’s

Also known as Lasting Power of Attorney. This is a document which gives a person or people the legal power to make decisions on behalf of another person. Used for Property & Financial Affairs or Health and Welfare, we examine the options below.

Property & Financial affairs LPA Simply covers decisions about the donor’s property and financial affairs.

Health & Welfare LPA covers decisions about the donor’s personal welfare and health.

Why make an LPA?

None of us know the future. As distressing as some circumstances may be, the reality is that there are positive aspects that we can do to prepare potential issues. Mental health deterioration can happen at any time, to any of us, and preparation for such times must be done in advance whilst capacity is still held. If capacity is lost and there is no LPA in place, family or friends will have to apply to a court to make decisions on the donor’s behalf. This is both costly and time-consuming and there is no guarantee of success, particularly where a person’s health and welfare is concerned.

A valid LPA can avoid these problems and many more, particularly where one member of a couple loses capacity. This may lead to bank access or property resolution issues currently or in the future.

BAS Associates can prepare your LPA’s with a good knowledge of tax and financial awareness as well our clients’ personal circumstances. This can be tied in with a review or preparation of your Wills, ensuring good compliance and that wishes are still current.

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Wills

A good Will not only assess and protects your wishes but assesses the tax implications as well. Our accountancy experience can highlight areas to investigate alongside your wishes. Our Wills team are experienced and regularly updated to the latest regulations and are committed to interpreting your wishes and translating them into a suitable Will. The Will needs to be understood by your executors and more importantly, the Probate Court to ensure that it is approved quickly, minimizing delays and potential hardship to friends and family.

Why make a Will?

Most importantly, if you don’t make a Will, the state will make it for you! This leaves you without control over who inherits your estate. If you have a Husband or Wife and especially young children or dependents, a Will is the best way of making sure that they are provided for.

BAS Associates can prepare your Will after a confidential consultation with one of our team. Together we can discuss how your wishes can be included in your Will. Once your Will is signed and witnessed the process is complete, giving you peace of mind, putting an end to uncertainty.

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Probate

Probate and estate administration is the financial and legal process which takes place after someone has died. The purpose is to make sure all relevant taxes are collected, money owing to creditors is paid, debts owed to the deceased are collected and the remaining assets from the estate are distributed to the relevant beneficiaries.

Losing a loved one can be one of the most stressful and emotional times of your life. It therefore seems unfair that during this time you may have the additional responsibilities of overseeing the legal and financial aspects of the deceased’s estate.

We are fully qualified and experienced to handle the probate and estate administration process for you, as well as giving you guidance on estate planning, inheritance tax planning, trusts, executorships, financial planning, Wills and LPA’s

The probate process can be very time consuming and involves complicated legislation and financial information, which can be very daunting if you’re not used to dealing with such matters. The process can include finding the Will, completing the probate application form, administering the estate, preparing the estate accounts and distributing the assets to the beneficiary.

How can BAS Associates Help?

As an existing client, much of the work is done!

If the deceased was a client of ours you can be assured that we knew a lot about his or her financial circumstances. Our relationship may have involved: preparing annual accounts and / or completing tax returns; meeting up on a regular basis to discuss business and financial affairs; and developing an understanding of his or her background and family. This is all vital information when going through the probate process.

Furthermore, we can simplify the process as we are likely to have the details of their finances, assets and business dealings. This can save you lots of time and money when it comes to preparing the necessary paperwork for the Probate Office and HMRC.

If not an existing client, we can still provide a solution.

We are happy to work with the deceased’s existing accountancy firm, if they are not licensed to provide probate services, to extract the necessary financial and legal information required. Probate and estate administration is largely an accounting and taxation exercise, which of course is what we do all the time.

Our pricing structure.

Traditionally, banks and solicitors have charged a percentage of the value of the estate to carry out any probate work. In some cases this has been as high as 4% for even the most simple of estates to administer. Also, in some cases, the time it takes them to gather all the necessary financial and tax related information can prolong the process.

At BAS Associates Ltd our understanding of financial documents, particularly when it comes to calculating inheritance tax, income tax and capital taxes, means that can we carry out the procedure quickly and succinctly. This is especially relevant where the deceased was a client of ours. This means we spend less time gathering all the relevant information, therefore keeping the costs to a minimum.

We are Tax specialists, helping keep your tax liability to a minimum.

As Chartered Management Accountants you can be confident that we have the specialist knowledge required to handle the tax affairs of the deceased. Not only can we steer you through the path of inheritance tax, income tax and capital taxes, our experience may also help you and the beneficiaries to minimise the amount of tax that needs to be paid from the estate.

As well as calculating the taxable liabilities of the deceased’s estate, we can also work with you and any of the beneficiaries to set in place plans to minimise their future tax burdens.

As you would expect, a confidential and personal service.

Last, and by no means least, you can be assured of a discreet and compassionate service. We fully appreciate how difficult this time is for you, your family and your loved ones, so we take as much of the administrative burden away from you as possible.

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For a complimentary Discovery Call to discuss the most appropriate level of support regarding your LPA’s, Wills and Probate, a personalised quote and a guarantee of our best possible service, please complete the form below and one of our senior advisors will contact you.
Or if you prefer, please call 01442 560050 for our Northchurch Accountants office, 01296 681381 for our Wingrave Bucks Accountants office or 023 8202 7681 for our New Forest Accountants office.

This will help us ensure you are contacted by the most local office.
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