Managing an Estate when someone dies
When someone dies the management of their estate falls to those left behind. This can involve:
- Locating the Will
- Researching and assesing the value of the estate
- Collecting in assets and dealing with creditors
- Dealing with income, capital gains and inheritance tax liabilities
- Applying for the grant of representation
- Resolving disputes between beneficiaries
- Transferring the legal title of assets to beneficiaries
- Drawing up estate accounts
How can we help you?
Estate less than £5,000 - In general if the deceased left a Will and assets of less than £5,000 it is likely that the Executor will not need a solicitor to deal with the estate.
Estate over £5,000 - If the estate is worth more than £5,000 then the personal representative will probably need to obtain letters of administration or a grant of probate from the Court and will need to complete and lodge an Inland Revenue account.
Her Majesty's Revenue and Customs (HMRC)
HMRC now require full details of what is in the estate including gifts made in the past and assets passing by survivorship. We can help you with this and ensure that the right information is presented to the HMRC.
Is the Estate Tax-Efficient?
Our lawyers can advise you on the best way to administer the estate to minimise tax liabilites. At the moment, the law allows a beneficiary to vary the terms of a Will or the intestacy rules for a limited period where they affect his or her inheritance. If the beneficiary doesn't want or need the gift it can be to the benefit of future generations to use a variation to protect family wealth.
We can advise you on how a suitably drafted variation may reduce the tax payable on the estate or reduce the payment of tax by a beneficiary in the future.
Contact
info@hcsolicitors.co.uk
