Assured Legacies - Probate

Death

Unfortunately at some time in our lives we will all invariably be touched by the loss of a loved one and our experience shows that the complex forms and duties that are thrust upon us as an executor or next of kin can be overwhelming at such a harrowing and traumatic time.

Whilst you are still grieving you are thrust into the usually unfamiliar world of Probate Applications, Inland Revenue forms and possibly Inheritance Tax declarations and computations.

Depending on the complexity of the estate there is a seemingly endless stream of correspondence with other government departments, the local council, banks, building societies, credit card companies, store card issuers and other creditors, insurance companies, pension fund managers often stockbrokers, conveyancers, estate agents, solicitors, the land registry let alone registering the death and arranging the funeral.

Then you will be under the legal requirement to gather in all the assets, pay all the debts (including inheritance tax if applicable), advertise the death for other potential claimants, fend of any disgruntled or disappointed beneficiaries, possibly set up trust funds or deal with belligerent charities, draft estate accounts for everybody to approve and all the while be aware that you are personally liable both legally and financially for any inadvertent mistakes you might make or of any failures under the duty of care that you owe to any one mentioned in the will.

You can't easily even change your mind part way through the process and decide not to continue as you would be guilty of "intermeddling".

You would, however, be relieved of your responsibilities were you to die, go insane or be sent to prison!

If you do manage to complete the process without any of the above incidents terminating your appointment then there is a good chance you will have unwittingly left the door open for the second half of Benjamin Franklin's well known quotation to take effect at a later date.

And Taxes

All too often an additional problem that can arise when somebody dies is a potential future Inheritance Tax liability.

Whether this is caused by failure to properly utilise the nil rate band if one of a couple die or the lack of proper advice being given to a residuary beneficiary action should be taken as soon as possible to rectify the situation.

Whilst the current law allows us up to two years from the date of death to take action not only can this pass very quickly but any remedial work is best carried out promptly as the sooner it is undertaken the more likely is it that it will achieve itís aim and the more robust it will be against any challenges.

We at Assured Legacies Ltd would be happy to discuss this subject in greater detail with you either on the phone or in the comfort of your own home at your convenience.