Probate Valuation Of Chattels: How do I know if I need an accountant?

Q How do I know if I need an accountant?

Losing a family member is never easy, and the last thing you will want to think about is whether or not you are liable for paying inheritance tax. However, it is essential that you check so that you are aware of your rights and can prepare your family for the future ahead.

Q How do I find an accountant?

A You can find accountants by looking on the Internet, looking in the Yellow Pages, or even just walking through your town’s business district. The best way to find an accountant is through personal recommendations, though. You can also ask the institutes for lists of accountants in your city. These lists are often posted on their websites as well.

Q How do I know if an accountant is correctly qualified?

A They will have the one of the acronyms listed in the glossary in their resume or on their business card. They will say FCA, ACA , CA , FCCA, ACCA, FCMA, or ACMA. It depends on what you are looking for. Again, these acronyms are explained in the glossary.

Q How many accountants should I interview?

A You should probably interview about 5 accountants before you choose one, just so you know what is out there in terms of prices and services. Every city is different in terms of what they have to offer so ask around.

Q How much will hiring an accountant cost?

A Your first visit should be free but ask each one before meeting with them just in case. You don’t want to get stuck with an unexpected bill.

Q Will an accountant visit me or do I go to them?

A The accountant might want to visit your home but you may also want to see their workplace so you know what goes on there.

Q What should I bring to a first meeting with an accountant?

You should bring as much information as you have about the deceased. Take along financial documents and any other information about the estate such as bills, tax returns, etc.

Q How much am I going to be charged?

A You will find this out from the meeting. Some accountants charge by the hour, some charge yearly. You may also want to hire a full time accountant, so you offer a salary to them. It all depends on the situation, and each one is different.

Q What if I am unhappy with my accountant?

A You should terminate your agreements with them, but first pay all your bills with them and then find a new accountant. This is just like changing any other staff, be courteous and fair with them and they will be courteous and fair with you.

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