When a loved one dies you will find yourself faced with the legal, financial and practical implications of dealing with their estate.
If you are named as an executor in their Will, you will have serious responsibilities not only to the beneficiaries of the estate, but also to make sure any legitimate debts and taxes are paid and any claims against the estate are settled. Our team can guide and support you through the estate administration process, from dealing with the entire administration from start to finish, to simply providing help and advice when you need it.
- How should an estate be administered?
- What about Inheritance Tax?
- What happens if there is no Will?
- Can the distribution of an estate be varied?
- How do we resolve a dispute?
How should an estate be administered?
When a person dies his or her executors are responsible for ensuring that the assets in the estate are safeguarded, any outstanding debts are discharged, the relevant tax is paid and the estate is distributed in accordance with the terms of the Will.
The estate administration process can be complicated and the executors are personally liable for ensuring that everything is done properly.
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What about Inheritance Tax?
The executor will be responsible for submitting the Inheritance Tax return and settling the tax liability. There are very strict time limits on the payment of Inheritance Tax and we can help you with any issues relating to Inheritance Tax payments. As a beneficiary, we can advise you on aspects concerning tax and trusts following the receipt of an inheritance.
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What happens if there is no Will?
If there is no Will the distribution of the estate will be determined by the government (the intestacy rules). Where the person who died is not survived by a spouse or children, this may mean carrying out extensive research to locate family members who are now entitled to the estate.
In some cases it may be necessary to take out insurance to protect against the risk of other beneficiaries coming forward to claim a share of the estate at a later date.
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Can the distribution of an estate be varied?
If you have received an inheritance from someone’s estate which you do not want, for example because you are concerned about Inheritance Tax on your own estate, you can within two years of the date of death transfer some or all of your inheritance to someone else or even to a trust under which you retain teh benfit, by way of a Deed of Variation. This applies whether you are entitled to your inheritance under the intestacy rules or the terms of the Will.
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How do we resolve a dispute?
If a dispute does arise in relation to inheritance, for example you feel that you have not been adequately provided for in a Will or if you feel that the executors are not performing their duties correctly our Inheritance Disputes Team can help you evaluate your potential claim.
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SERVICES FOR INDIVIDUALS
- Residential Property
- Family Law
- Wills and Estate Planning
- Powers of Attorney
- Estate Administration
- Elderly Client
- Trusts
- Employment
- Personal Disputes
- Motoring Law
- Criminal Law
Meet the team
David Whitworth
Partner and Head of Wills, Trusts and Probate
DDT: 01225 369002