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Read This Inheritance Tax Advice and Save!


Someone who dies without a Will is believed to have died ‘intestate’. Inheritance tax payments need to be accomplished by a representative, the one who administers the deceased’s estate. If he is mentioned in the will he is called executor, if there is no administrator. As the executor, he will take out a grant of probate; as administrator, letters of administration. A great deal of inheritance tax advice is always to leave a will.

Usually a close relative like a spouse, child or parent will have the legal right to manage the estate of the deceased. Grants are applied for with the Probate Registry. Solicitors will be there to help you with applying for a grant or you can make a personal application. On receipt of the grant, you become the ‘administrator’ of the estate. The grant certifies you to banks and other organizations, your authority to access and distribute funds held in the deceased’s name. This process is referred to as obtaining probate. Another piece of inheritance tax advice is to pay the inheritance tax due on the estate because it is an important factor for a grant to be obtained.

As an inheritance tax advice, it is important to keep track the copies of all records of payment to show you have done everything should the HM Revenue & Customs (HMRC) asks to see how you arrived at your figures. As personal representative, you must keep: a copy of the will and duly signed inheritance tax forms; all the documents used as attachment to the form; and the relevant paperwork from the death of a first spouse or civil partner to transfer their unused inheritance tax threshold to the second partner upon their death.

Our inheritance tax advice is for you to keep the following: the letter from HMRC confirming that all inheritance tax has been paid – or you can apply for a ‘clearance certificate’; receipts from any creditors verifying that their accounts have been settled; written confirmation that all beneficiaries have received their gifts; and receipts for any expenses you incurred as executor.

Another inheritance tax advice is, because HMRC will verify the copy of these final estate accounts for their files and a copy to each of the beneficiaries, a back up record for these accounts should be considered. Although it is not legally required, it is our inheritance tax advice to keep all documents should there’ll be a reason or a cause to transfer an unused inheritance tax threshold.

When an individual dies without leaving a will, his or her estate will be more difficult to handle. It may take a long period of time – months or even years in some complex cases. Supposed that you need assistance, our inheritance tax advice is to seek a solicitor the soonest possible time. Porterbrown’s financial advisers will give you free inheritance tax advice.

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Article Source: Read This Inheritance Tax Advice and Save!

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Tags: relevant paperwork, obtaining probate, inheritance tax threshold, probate registry, grant of probate

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This entry was posted on Monday, August 17th, 2009, 8:01 am and is filed under Uncategorized. You can follow any responses to this entry through RSS 2.0. You can leave a response, or trackback from your own site.

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