Giving will to accountant

[mangos]

Hi

I hope someone can advise. My partner recently changed accountants. She was told in June her accounts would be finalised in July. However she was recently contacted by accountant as asked for a copy of her mother's will. My partner inherited some property from her late mother in 2003 and furnished all relevant documentation to revenue and was issed with tax clearance cert. She has submitted a/cs on a yearly basis since then.

However she is not happy to hand over a copy of her mother's will to the new accountant as it contains other beneficiaries and Data Protection had advised she should not do this as it could make her liable for transferring 3rd party information.

The new accountant told her he needs the will in case she sells anything in the future.

However she is surprised so far on that a will is still required.

Is this common practice?

Mangos

 

[Mark_Mc]

Speaking as a tax advisor I don't believe that would be necessary at all in computing any Capital Gains Tax that would arise in respect of a future asset sale.

If the new accountant is saying this in the context of the property that was inherited I can assure you that the will would not contain any relevant financial information needed to calculate any future CGT on the asset in question. the documentation that was submitted to Revenue when getting the CAT Tax clearance will most likely have all the information. There could be other motivations - do they want to see if there are other people on the will in need of doing a CAT Return?

Regards,

Hi

I hope someone can advise. My partner recently changed accountants. She was told in June her accounts would be finalised in July. However she was recently contacted by accountant as asked for a copy of her mother's will. My partner inherited some property from her late mother in 2003 and furnished all relevant documentation to revenue and was issed with tax clearance cert. She has submitted a/cs on a yearly basis since then.

However she is not happy to hand over a copy of her mother's will to the new accountant as it contains other beneficiaries and Data Protection had advised she should not do this as it could make her liable for transferring 3rd party information.

The new accountant told her he needs the will in case she sells anything in the future.

However she is surprised so far on that a will is still required.

Is this common practice?

Mangos

 

[sawilson2003]

I agree with Marc_Mc sounds very odd, can understand them wanting to see previous CGT returns. Saying they need it in case something is sold in the future makes little sense, as they would be aware of the market value then and can get the market value at date of inheritance from various revenue forms submitted at the time.

 

[ubiquitous]

Accountancy and tax advise are voluntary services, ie you don't have to avail of the service (or any aspect of the service) if you don't want to. If you don't want to give your accountant a copy of the will, for whatever reason, then you are quite justified in not doing so.

Btw, as an accountant myself, I would be quite reluctant to retain among my files, a copy of a client's will. The Data Protection implications are simply too serious.

 

[Guest106]

My antennae would suggest there's another agenda at work here on the part of your advisor. I have dealt with a number of wills over the years and would regard the request as strange. Making the request on the basis of Future Need is odd and not the way in which tax advisers operate ime. Careful how you go.

 

[mangos]

My sincere thanks for all your responses. I contacted the Chartered Accountants Regulatory Board today as the accountant is a member of the association. The person with whom I spoke echoed the sentiments you have expressed.

My partner, when she refused to give the will, found it very difficult to deal with the accountant who argued with her and told her he could submit her accounts but would tell revenue the submission was being made without 'a statement of affairs'. She found this odd as she had a previous accountant who has already submitted a/cs for her. The only reason she left her previous accountant was the costs were too high.

She has told the new accountant she does not wish to do business with him and has requested her file which she is to receive before the end of this week. Presumbably they will charge a fee for having looked at her documentation.

However she now has to find a new accountant to submit her 2007 returns. I don't suppose anyone out there knows a good firm who could do this for a reasonable fee.

Thanks again
Mangos

 

[mercman]

Mangos, sorry to tell you, but you get what you pay for in this life. Pay Peanuts and you get Monkeys. A good accountant is worth his weight in Gold and before anyone asks, no I am not an accountant but learned the hard way by putting price before professional service.

 

[mangos]

Hi Mercman
Please dont assume there is an unwillingness to pay. Being in business I am well aware of the fact that sometimes you pay too for what you do not get.

Note the word 'reasonable' was attached to my query. Only a fool would not shop around

Mangos

 

[ubiquitous]

Note the word 'reasonable' was attached to my query. Only a fool would not shop around

I find it hard to believe that you sourced this (seemingly very odd) accountant through a personal recommendation from any of your friends or family? In my opinion, that's the only reliable way to shop around for a professional service.

 

[Bronte]

Maybe she should go back to her old accountant, come clean, say she has changed her mind. Is the fee of the old accountant not worth the lack of hassle especially as he was doing such a good job and the only issue is fees.