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Probate Services

We aim to provide a service that will alleviate any of the administrative pressures...

At Compass Accountants, we understand that the passing of a loved one can be an incredibly difficult time therefore we aim to provide a service that will alleviate any of the administrative pressures by efficiently handling all legal and financial affairs.

What is probate?

In essence, Probate and estate administration is the financial and legal process which occurs after someone has died. The purpose of this is to ensure that relevant taxes are collected, any outstanding debts and monies are paid and the remaining assets from the estate are distributed to the relevant beneficiaries.

Compass Accountants is one of only a small number of accountancy firms licensed to carry out probate services by ICAEW (The Institute of Chartered Accountants in England and Wales), and one of even fewer in Fareham and Portsmouth.

As accountants, we are fully qualified and highly experienced in dealing with all aspects of taxation, legislation, assets, liabilities, preparation of accounts and estate planning, and so we consider ourselves to be in the perfect position to assist with such services.

Who can use our probate services?

Our probate services are open to both existing and non-existing clients. If necessary, we are able to carry out work with the deceased’s accountancy firm in order to obtain the necessary legal and financial information.

If the deceased is an existing Compass Accountants client, the process will be even simpler as we will already be aware of their financial circumstances. Our working relationship may well have already entailed the preparation of annual accounts or completing tax returns; meeting up on a regular basis to discuss business and financial affairs; and developing an understanding of background and family- all of which is a vital information throughout the process of the service.

Keeping the costs low

Up until December 2014, the provision of Probate Services was limited to solicitors, who have traditionally charged a percentage of the value of the estate. This has been known to be as high as 4%.

At Compass Accountants, we will be able to guide you through the complications of inheritance tax, income tax and capital taxes, ensuring that the amount of tax that needs to be paid from the estate in minimised. Furthermore, we will work with you (and any of the beneficiaries) to set in place plans to minimise their future tax burdens.

Initial consultation for our probate services is without charge or obligation

If you are interested in booking an appointment for a free consultation for probate services- or would like to ask a question, please feel free to call us on: 01329 844145.