Case Study
Acting on behalf of executors to administer estate
Research required to identify estate, complex assets/affairs/Will
We are asked to undertake the full process of identifying the estate’s assets including ascertaining what those assets are from such records that exist, notifying all relevant parties, valuing the estate and calculating, declaring and arranging payment of Inheritance Tax.
The person has a Will with complex provisions or perhaps no Will at all or executors who require tracking down. Certain assets require professional valuations to be obtained and/or careful consideration as to the amount of any Inheritance Tax reliefs for which they may qualify.
It is necessary to take steps, perhaps even prior to obtaining the Grant of Representation, to secure certain Inheritance Tax allowances. There are also beneficial post death tax and/or estate planning opportunities, of which it is necessary to advise the beneficiaries.
The probate application is made on behalf of the executors. Grants may also be required in other foreign jurisdictions. We collect in the estate’s assets, pay any debts and distribute the remaining.
The probate application is made on behalf of the executors. Grants may also be required in other foreign jurisdictions. We collect in the estate’s assets, pay any debts and distribute the remaining assets/funds to the beneficiaries after having placed the necessary death notices advertising for creditors.
We prepare accounts for the estate and complete the necessary returns to HMRC in respect of Income Tax and/or Capital Gains Tax, identifying any beneficial claims to the executors.
Total fees between £17,500 and £25,000 plus VAT.