20.02.18

Research suggests 70% of individuals ‘unaware of inheritance tax nil-rate band’

Research carried out by Canada Life has suggested that a significant amount of individuals ‘do not know the threshold’ for the standard inheritance tax (IHT) nil-rate band. Canada Life found that 70% of those surveyed did not know the standard … Find out more »

15.02.18

Chancellor commissions OTS to review inheritance tax rules

Chancellor Philip Hammond has commissioned the Office of Tax Simplification (OTS) to review the UK’s inheritance tax (IHT) regime, and outline ways in which the tax can be simplified. In a letter to Angela Knight, Chair of the OTS, and … Find out more »

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Duties of an Executor

The duties of an Executor are extensive and it is therefore important to think carefully about who would be best placed to act as an Executor to your Will.  We have put together a simplified list below in order to guide you through choosing a suitable person to act as Executor of your Will. The Probate Practice, being probate accountants, are ideally suited to deal with any aspect of the following duties:

– Locate the Beneficiaries and notify them of their inheritance

– Gather information on all of the assets and acquire date of death balances

– Lodge tax returns and pay any Inheritance Tax

Obtain Probate

Apply to the High Court for a Grant of Probate which gives the Executor authority to manage the deceased’s Estate. To do this on your own you need to meet with them face to face and produce:

    – A death certificate

    – A newspaper advert publicising the death (to give anyone in possession of a later Will time to produce it)

    – Details of the assets and liabilities

    – The Will

    –  Claim any Insurance Policies

    –  Liquidate (sell) assets

    –  Distribute the Estate, as required by the will

    Maintain a set of accounts for all financial dealings

      Further information on what is required by an Executor to Administer an Estate is available here

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