WILLS: David and Emma advise on the legal requirements of making a will.
They are also able to talk through the options available to testators to arrange their financial and property affairs
for the benefit of those intended and to reduce or eliminate Inheritance Tax.
Helping the bereaved with the task of dealing with the legal, financial and taxation consequences of their loss
PROBATE: David and Emma have many years of experience of helping bereaved people with the legal, financial and taxation consequences of their loss, sensitively yet efficiently and tackling the daunting paperwork whilst involving those affected by it all.
Each probate case follows these steps:
- Identifying the assets and liabilities of the deceased, including any taxes due or arising;
- calculating and paying Inheritance Tax (if any);
- obtaining grant of Probate (of the will) or Letters of Administration (where there is no will) ("the Grant")
from the High Court;
- gathering in the assets and realising them where required;
- discharging the deceased's debts and any outstanding taxes;
- distributing his estate according to the Will, or laws of intestacy (where there is no will)
HOW TO FUND THE FUNERAL
Most banks and building societies and National Savings and Investments will pay the funeral directors out of money
held in the deceased's account if you forward the bill to them.
HOW TO FUND INHERITANCE TAX and PROBATE EXPENSES
A big problem is that Inheritance Tax has to be paid before the Grant can be applied for, and without the Grant, the assets
cannot be collected in.
National Savings & Investments will pay the Inheritance Tax out of any of the deceased's investments with them, but
otherwise the money has to be borrowed until it can be repaid from the estate once the Grant has been obtained and
sufficient money collected in or realised.
There are various options available, including negotiating the payment of tax directly from the deceased's bank
and securing a bridging loan.
ADMINISTRATION OF THE ESTATE
The Grant confers legal authority on the person(s) named in it to administer the estate in accordance with the deceased's
instructions in the will, or if none, in accordance with the laws of intestacy, and sometimes both ion the case of a
partial intestacy.
The following are the stages involved:
- collecting the deceased's assets;
- paying any outstanding expenses, debts and outstanding tax;
- calculating all taxes due or likely to be due in respect of the administration period and making adequate provision;
- distributing the legacies in accordance with the will or law; and
- completing the administration and distributing the residuary estate, and paying all taxes due.
Due diligence on the part of the Personal Representative(s) is required at every stage of the administration of an estate.
The law imposes duties and responsibilities on executors and administrators as well as rights and its protection when its
terms are obeyed. That is where we come in with out experience and expertise - to do all the investigations and reporting
for you, to protect them from any chance of an expensive error or omission in the performance of their duties.
Before the administration of an estate can be completed, the estate accounts must be approved by all the beneficiaries to
discharge the Personal Representative(s).
Only when that has been done is the executor or administrator discharged from his duties, but liability rests with him
indefinitely in respect of any error or omission in the administration of the estate or disclosure of assets to the
beneficiaries and/or HM Revenue & Customs.
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