Estate Administration
It is vitally important that the administration of an estate is carried
out correctly.
Amongst other things, we can help you to ensure:
- That all of the liabilities of the estate are settled, even those
you may not have known about. If liabilities are not settled before the
money in the estate is distributed, the personal representatives may
have to ask the beneficiaries for the money back or even payout of their
own pocket.
- You are not making payments to bankrupt individuals. The Personal
Representatives will be personally liable if they make a payment to a
beneficiary not realising that they are bankrupt. They may have to pay
the whole amount to the person's Trustee in bankruptcy.
- That beneficiaries receive the information they need to complete
their own personal tax returns. It is important that beneficiaries are
aware that money they have received from an estate may contain taxable
income. By providing the correct forms for the beneficiaries they will
be able to make sure that they pay the correct amount of tax in the
context of their own personal situation.
- That the right people are receiving money. Sometimes beneficiaries
are not easily traceable and, particularly in the case of intestacies,
the personal representatives may not even know how many there are. We
can help you to ensure that the right people receive the money.
- That all available tax allowances are claimed. Making a claim for a
transfer of a nil rate band from a deceased spouse for example can save
the estate a substantial amount of money, perhaps even over £100,000.
Administering an estate can be complex and there are certain formalities
to be followed, otherwise a well meaning personal representative might
find themselves personally liable to payout of their own pocket as a
result of a mistake. We can guide you through everything you have to do
and prevent that happening.
