When a person dies we will obtain the Grant of Probate if there is a Will or a Grant of Letters of Administration if there is no Will.

The estate will need to be calculated to see if Inheritance Tax is payable as this has to be paid before the Grant of Representation is obtained.

Inheritance Tax affects more than just your house.  The assessment will take into account everything of value which you own.  The assessment will be based on the value of these assets as at the date of death and not now or when your Will is made.

Inheritance Tax is charged at a rate of 40% on the value of your estate in excess of the allowance set by the Government.  This is called the Nil Rate Band and this is currently set at £325,000.

In the majority of estates there will be no Inheritance Tax to pay but the appropriate return has to be completed and lodged with the application for the Grant of Representation.

We will advise upon whether any Inheritance Tax savings can be obtained by a Deed of Variation which can be entered into within two years of death.

Once the Grant of Representation has been obtained all the assets can be closed and any property can be sold.  We will prepare Estate Accounts for approval by the Executors and once approved the estate can be paid out to the beneficiaries.

Your surviving spouse or civil partner may be entitled to a bereavement payment or other bereavement allowances.

We will offer guidance and help throughout the whole process and keep you informed of all developments throughout.

23rd February 2019

Sarginsons Law