Dealing with the estate of a deceased person can be quite daunting for the inexperienced and comes with many pitfalls for the unwary. Following the death of a client we are often called upon to help the Executors in dealing with the administration of the Estate.
This involves collating a list of assets owned by the deceased as well as detailing all the relevant liabilities. We also need to compile a list of lifetime gifts made in the 7 years before death. Once the value of the Estate has been calculated we then calculate the Inheritance Tax due, making sure that all relevant reliefs have been claimed. This will involve ensuring that reliefs such as the Gifts Out of Income relief are properly applied and claimed.
We then complete the relevant Inheritance Tax forms and application for the Grant of Probate on behalf of the Executors and notify them of when and how the Inheritance Tax should be paid. They are then able to fulfil their responsibilities under the deceased’s Will, distributing bequests and managing the estate assets, knowing that all tax liabilities have been correctly dealt with.