Estate Assets Subject to Inheritance Tax
Posted by: vstanistreet Sep 13
Sousa Law posted an interesting article earlier in the week in respect of costs of winding up an estate where there is inheritance tax payable. This article presses on David Cameron’s suggestion in 2010 that he would raise the inheritance tax threshold to £1,000,000.00. Although this has not happened, the introduction of the residential nil rate band will come into force in 2017 and may reduce tax bills on certain estates (under very limited circumstances!).
The article highlights the importance of ensuring that all assets in an estate subject to inheritance tax are valued prior to applying for probate and, unfortunately, the costs involved in this. Solicitors fees are just the beginning of the costs when it comes to the administration (add on valuers’ fees, probate fees etc.) however it is vitally important that you ensure that your solicitor is open and honest with you about the costs in the first instance. At Sousa Law we are transparent in our charging and will always keep you updated as to the costs involved in progressing your matter and ensuring that you are made aware of any additional charges or disbursements before they are incurred.
We also keep you updated as to the progress of your matter as sometimes administrating an estate can feel like a slow and cumbersome task – we will endeavour to ensure that your solicitor is available at the end of the phone or by email to answer any of your queries or reassure you as to the next steps.
Although being an executor or administrator of an estate will take up some of your time and energy, appointing the right solicitor should take some of that pressure and weight off you.
Charlotte Goodson, Assistant Solicitor