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Estate Administration

Rose & Rose

Estate Administration & Tax Planning

Inheritance Tax

This will be payable if the net estate, i.e. all the deceased assets less debts and funeral expenses, are above £325,000, unless there are exemptions or reliefs that can be claimed or if the estate passes to exempt beneficiaries.  Exemptions and reliefs must be claimed and it is therefore important that advice is sought if you believe there is Inheritance Tax to pay.

Capital Gains Tax

If assets are sold at a higher value that the date of death value, this could give rise to a capital gains tax liability.  There are special tax rates for estates, however it is possible to minimise this liability by appropriating assets to beneficiaries prior to sale.  Professional advice should be sought before taking this step as you could inadvertently pass the tax liability to the beneficiary.

Income Tax

Since income from banks and building societies are now received gross, more and more estates are finding that they have an income tax liability to report to HMRC.  This must be done it the tax liability is above £100.

Beneficiaries and Distributions

Beneficiaries will want to ensure that they are receiving their correct entitlement and will be entitled to see estate accounts setting out exactly how their entitlement has been calculated.  You will also need to ensure that you can pay the legacies to them by checking that they are not bankrupt, failure to do so could make you personally liable to the trustee in bankruptcy for the funds that have been paid to the beneficiary.

 

Why use Rose & Rose Solicitors?

We have an experienced team that can deal with the most complex of estates.  We can tailor our services to suit your needs depending on the complexities of the estate.  We specialise in all areas of taxation and so can ensure that the estate is administered in the most tax efficient way possible.

We can prepare comprehensive and detailed Estate Accounts.

We can also assist with post-death inheritance planning or asset re-direction through Deeds of Variation, as well as administer any trusts that may be set up in the Will or under the intestacy provisions.

Sally-Ann Joseph is a full accredited member of Solicitors for the Elderly.

We can provide you with a fixed fee for this service so you will know exactly what costs you will need to pay.

For further information, please contact a member of our team below or email info@roselegal.co.uk

Meet the team

Meet the team working for you. Click the photo to view that team members profile or use the button to send them an email.

 

Sally-Ann Joseph

Ashraf Islam

Zubair Dharamsi

Zubair Dharamsi

Aneta Kapron

Romeo Fazal

Portrait image of Lucy Stanton, Paralegal at Rose & Rose

Lucy Stanton

Aneta Kapron

Romeo Fazal

Portrait image of Lucy Stanton, Paralegal at Rose & Rose

Lucy Stanton

Estate Administration Solicitors

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