Estate Administration

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