Probate: heritage assets - could your artwork or antiques pay the inheritance tax bill?
The legalities involved following a death in the family can be overwhelming: it is a difficult time, often full of uncertainty, intense emotions and distress.
We can guide you through the process and explain how that person's estate will pass (under the terms of his or her Will or the rules of intestacy) and what steps are needed for probate and tax purposes.
We help you make decisions by setting out your options clearly and with recommendations.
We administer simple and complex estates for those who die domiciled in the UK or abroad. Should a claim be brought (or need to be brought) against the estate we would work closely with our litigation team in the conduct of the claim.
Probate and estate administration can seem complex and bureaucratic. We will liaise with HM Revenue & Customs (HMRC) on your behalf to negotiate on valuation issues where appropriate, as well as completing the appropriate HMRC forms, while considering the inheritance tax implications and resolving domicile issues. We will also, on your behalf, collect in assets and settle all liabilities and then deal with the distribution of the estate. If necessary, we will also advise you on how to raise the funds to pay any inheritance tax due.
As many of our clients have international personal and business assets to administer, as well as family spread throughout the world, we are well placed to liaise with foreign lawyers in order to release assets from overseas and obtain a grant of probate in a foreign jurisdiction (including re-sealing of grants of probate).
We can also advise in situations where drafting mistakes have been made which need to be rectified or, if someone has not made a will, we can explain how the rules of intestacy could be varied. Tax planning measures can also be achieved by varying the terms of a will, using a Deed of Variation, or an inheritance can be disclaimed altogether if not needed or wanted. Our expert team can guide you through the various options.
Legal Assistant & GCILEx
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