A guide to what to do when someone dies

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1 A guide to what to do when someone dies A Guide for Executors and Administrators Hargreaves Lansdown Asset Management Ltd One College Square South, Anchor Road, Bristol, BS1 5HL Authorised and regulated by the Financial Conduct Authority Enquiries:

2 Contents 3 Introduction 6 Telling everyone who needs to know 8 Tell Us Once 9 Valuing the estate s assets and liabilities 13 Identifying the beneficiaries 14 Calculating and settling any tax due 17 Applying for the Grant of Representation 18 Collecting the assets 19 Paying any creditors 19 Distributing the assets 20 Should you get help and advice? 21 Appendix 1 - Registering the death 22 Appendix 2 - Company and private pensions 23 Appendix 3 - Inherited ISA benefits for spouses and civil partners 25 Appendix 4 - Applying for the Grant of Representation forms needed 25 Appendix 5 - Estate assets template 26 Appendix 6 - Estate accounts example Important Notes This guide aims to provide a broad introduction to the things you need to do, however it is not exhaustive and cannot be relied upon to be definitive. It should therefore be seen as a generic guide and not personal advice. If you have any doubts at all you should take appropriate advice. The information and tax rules quoted are based on current legislation and are subject to change. August 2017 >> The emotional consequences of bereavement are hard - but it is also a time when practical steps have to be taken. There are a number of people and organisations that need to be told and, of course, a funeral to be arranged. 2

3 Introduction We have written this guide for executors and those who administer estates. We hope it will: help you understand the probate process and what is required; cover which organisations you ll need to contact and what they will need you to do; provide ideas to help make settling your own affairs easier for those you leave behind. Please note that the legal process is slightly different depending on whether you live in England and Wales, Scotland or Northern Ireland. Some Scottish and Northern Irish processes are summarised on page 4. In this guide we refer to various forms you may need to complete. All HMRC (Her Majesty s Revenue and Customs) forms are available at inheritance-tax-forms. Or simply type the number of the form (e.g. IHT400) into the search bar on the main HMRC web page. As an executor your job is to ensure that the wishes of the person who died, usually laid out in a Will, are followed. Once the death is registered (see appendix 1, page 21) the next step is to identify and value any assets, then identify the beneficiaries, pay any tax owed and finally distribute the estate in accordance with the Will or rules of intestacy if there is no Will. The whole process is more commonly known as administering the estate and part of the process is the granting of representation. This is the court s authority given to the administrator/ executor to administer a deceased person s estate. It is also known as a Grant of Probate where there is a Will or a Letter of Administration if there is no Will. The document confirming this authority is issued by the probate registry. The issuing of the grant of representation is covered in more detail on page 17. Broadly speaking, administering the estate can be divided into 8 steps and we shall look at each one in turn. 1. Telling everyone who needs to know 2. Valuing the estate s assets and liabilities 3. Identifying the beneficiaries 4. Calculating and settling any tax due 5. Applying for the grant of representation 6. Collecting the assets 7. Paying any creditors 8. Distributing the assets 3

4 Introduction continued >> For your free no-obligation consultation about financial advice please call the advisory helpdesk on (Mon Fri 8.30am 6pm) or Scotland In Scotland, the grant of representation is known as a certificate of confirmation. The bereavement section of the following website is a good resource for executors: Northern Ireland Tell Us Once (see page 8) is not available in Northern Ireland. Executors will need to contact the various government departments individually. These are detailed at: and How long does administering the estate take? The administration can be a protracted process depending upon the complexity of the estate. In most cases, the issuing of the grant of representation takes around 8 weeks, however the whole process from start to finish might take 6 to 12 months and can be longer. Keeping records and estate accounts Keeping good records will not only make the process easier but could also help avoid 4

5 problems at a later date. We recommend setting up a file or spreadsheet, showing all the relevant organisations, assets and other investments, who needs to be informed, what their requirements are and the current stage of the process. Please see appendices 5 and 6 on pages for further information. Whilst there is no legal requirement to compile estate accounts, it is good practice to do so and retain evidence of how valuations were obtained. Professional executors provide estate accounts as a matter of course. Estate accounts should detail assets, liabilities and taxation, plus any expenses you incur as you complete your duties. They also show how the estate has been distributed. In many cases the beneficiaries receive a copy of the estate accounts at the same time they receive their legacies. 5

6 Step 1 Telling everyone who needs to know >> It is worth buying several official copies of the death certificate, as most organisations require sight of the original death certificate or an official copy - they may not accept a photocopy or certified copy. Many organisations return paperwork immediately but it may delay matters if you have to wait for each one to deal with the death certificate in turn. As well as family and friends, there are a number of organisations you need to tell when someone dies. Telling them is the first step towards identifying assets and liabilities. We suggest contacting each organisation by telephone to check what they need you to do. Some companies will need you to supply information, for example policy documents, whilst others may simply need sight of the death certificate. Identifying who to contact is often made easier if the deceased held an asset register or a deed box. Bank statements, other papers and correspondence should also provide information on whom to contact. There may be refunds due from or payments outstanding to organisations, for example TV Licensing and the Local Authority. Once you have notified these organisations, it is normal for accounts to be frozen. We have provided a list of potential contacts, however this is not an exhaustive list: 6

7 Banks / Building Societies / Credit Unions Current accounts Deposit and savings accounts Credit cards, store cards Mortgage accounts Personal loans Other borrowings and finance (hire purchase, leases, interest-free credit purchases) Insurance Companies Building, house and contents insurance Car insurance Life and health insurance Insurance investment products e.g. investment bonds, endowments Other insurance policies Brokers / Financial Advisers / Investment Houses / Portfolio Managers Unit trusts / OEICs Venture Capital Trusts / Enterprise Investment Schemes Shares Registrar (this will be on the bottom of any share certificates) Retail bonds Pensions Company and workplace pensions Private pensions e.g. personal pensions, stakeholder pensions, SIPPs Other savings and investments National Savings and Investments ( com) Peer-to-peer and crowdfunding investments Legal Registrar of deaths Solicitor / Legal adviser Employer Workplace pension Death in service benefits Outstanding pay, bonus or holiday pay Share options or SAYE schemes Utilities Electricity / Gas / Water Telephone / Mobile phone / Broadband / TV TV Licensing Clubs / Societies / Religious organisations Miscellaneous Doctors Carers Landlord DVLA Use the Tell Us Once service where available (see page 8) Tax and Government departments (including council tax) Use the Tell Us Once service where available (see page 8) Who else can help? Unclaimed asset register ( Lost pensions ( service.gov.uk) Accountant, tax adviser 7

8 Tell Us Once Tell Us Once is a very useful service that allows you to inform the majority of government departments and agencies in one go. This includes: HM Revenue and Customs (HMRC) - to deal with tax and cancel benefits Department for Work and Pensions (DWP) - to cancel benefits e.g. income support Passport Agency - to cancel a passport The local council - to cancel benefits and services (e.g. a Blue Badge), inform council housing services and remove someone from the electoral register Driver and Vehicle Licensing Agency (DVLA) - to cancel the deceased s driving licence Public sector or armed forces pension schemes - to stop pension payments The Tell Us Once service is not available in all local authority areas or Northern Ireland. Please check the website for details. You will need the deceased s Date of birth National Insurance number Driving licence number Passport number Details of any benefits or entitlements they were getting e.g. State Pension Details of any local council services they were getting e.g. Blue Badge Name and address of their next of kin, including any spouse or civil partner Name, address and contact details of the person or company dealing with their estate, normally the executor Details of any public sector or armed forces pension schemes they were paying into or receiving 8

9 Step 2 Valuing the estate s assets & liabilities Assets The next step is to calculate the value of any assets and liabilities as at the date of death. This is known as a probate valuation and a grant of representation cannot normally be issued until all of the assets have been valued. Accounts are usually frozen; you will not have the power to move money or make investment decisions until representation is granted. Until that time, assets remain invested and investment and property prices will continue to be subject to normal market fluctuations. Dividends will accrue and interest will be applied to cash held. This means that there is likely to be a difference between the probate value and the actual value of the investments when they are distributed or sold. Land and property Assets such as property and land will normally be valued by a surveyor or district valuer. If sold, it is the value at sale which is normally used (less expenses). If there are overseas properties or assets to be sold, you will need to consider the law and tax situation in the relevant country. We recommend taking specialist advice and consider using a low cost currency exchange service to repatriate money at competitive rates. Chattels Personal possessions such as antiques, jewellery and art can be valued by specialist retailers or dealers (less expenses). Chattels such as furniture, clothing, and household items often have low values for probate purposes. Joint assets The most commonly held joint asset is a home and there are two ways to establish joint ownership. Joint tenancy is most common among married couples or registered civil partnerships and on the death of one tenant ownership automatically passes to the survivor. Jointly held assets are deemed to be of equal ownership and the value passes to the survivor. For married couples there are normally no tax consequences with this transfer or requirement to declare such assets as part of the estate. Other jointly held assets will include chattels (possessions). Under a tenancy in common the deceased person s share goes to whoever has been named as beneficiary in the Will. Tenancy in common may be used where two siblings or two friends purchase a property together. It is also used by 9

10 married couples to equalise an estate. If joint owners are not married, whether joint tenant or tenants in common, inheritance tax may be charged on the value of the share passing to the survivor or other beneficiary, unless the estate (including the value of their share) is valued at less than the inheritance tax threshold which is currently 325,000 (in 2017/18) per person. If an investment has been made in joint names on a second death or last survivor basis, the plan continues after the first death in the name and sole ownership of the survivor. Debts owed to the deceased Any money owed to the deceased is counted as part of their estate. This could include partial rebates or refunds of council tax, income tax, insurance premiums, club memberships etc. Investments Stock market investments such as shares, ETFs, investment trusts, unit trusts, gilts and corporate bonds are valued at the date of death for probate purposes. Where these are held on a platform such as HL Vantage, this makes the process easier as all the investments can be valued and administered from one point of contact. Executors have the choice to sell these investments and receive cash or transfer the ownership to one or more of the beneficiaries, but only once representation has been granted. ISAs ISAs lose their tax-efficient status on death and subsequent growth and income become taxable. To all intents and purposes, from the date of death, they become direct holdings of the investment. The underlying holdings do not have to be cashed in and can be held until distribution. Rules introduced in April 2015 allow a surviving spouse to move the value of a deceased s ISA holdings into their own ISA. The surviving spouse is entitled to an Additional Permitted Subscription (APS) which is equal to the value of the deceased s ISA holdings at the date of their death (provided this was on or after 3 December 2014). For example, if the deceased s ISA portfolio was valued at 75,000 the spouse would be able to make an APS of 75,000 into an ISA of their choice on top of their normal annual subscription. More details of this rule can be found in appendix 3 on page

11 Share certificates and contract notes Investment trusts and shares bought direct or through a registrar will have a share certificate or contract note. In most cases these will be paper certificates. These are generally referred to as certificated holdings. Unit trusts may have a contract note or unit holding statement and in many cases these will be electronically held. Insurance company investments Insurance company investments (insurance bonds including with-profits bonds, endowments and maximum investment plans) are usually surrendered or the element of life insurance pays out. In some cases the policy can be transferred to the beneficiaries. You should establish the choices available when you first contact the insurer. You may be required to return the policy documents with the claim for the proceeds. However, if these cannot be traced, a lost policy declaration can be made. The proceeds will normally comprise the value at the date of death plus interest from the date of notification until the date of payment. If an insurance policy has been assigned to a bank or building society, the proceeds are paid directly to them. Assignment of endowments and other insurance policies was common in the 80s and 90s when many were linked to mortgages, however this is less common now. In many cases a policy may still be assigned when the mortgage has long since cleared. If this is the case a declaration is needed from the assignee (e.g. the former mortgage lender) which is usually straightforward to obtain. If an investment has been made under trust please see the section on trusts on page 12. Gifts Gifts made in the 7 years before death may be treated as an asset of the estate for inheritance tax purposes. Gifts are covered in more detail on page 16. Alternatively visit inheritance-tax/gifts for further information. Pensions The death benefits payable from a pension plan depend on the type of pension and whether or not it is already in payment. Most pension schemes are written under a form of trust which means they are valued and dealt with outside of the deceased s estate. This means the proceeds are often paid more quickly than the estate assets as there is no need to wait for representation. Whilst not specifically within the estate, it is normal for the executor to assist with pension 11

12 issues and claims. We have provided more detail on pensions in appendix 2 on page 24. Trusts If the deceased is the beneficiary or settlor of a trust there could be tax implications. It depends on the type of trust and the deceased s entitlement to either income or capital. A trust is a separate legal entity in its own right. The value of the trust is not normally included within the estate and investments under trust do not normally have to be sold when either a trustee or beneficiary dies. The trustees will hold a copy of the trust deed and they, or their advisers, will be able to advise you of the position. Life insurance The life insurance payable on death is usually determined when the policy is set up. The policy documents will have the full details as will the insurer. For employees, death in service life insurance benefits are usually attached to a pension scheme and the employer will be able to give you full details. It is unlikely there will be policy documents for these, however there may be mention in the contract of employment or pension scheme booklet. If a life insurance policy is written under trust, the terms of the trust will normally override the terms of the Will. In most cases the policy proceeds can be settled separately and prior to representation being granted. The trust deed is normally kept with the policy documents and this will provide details of the trustees. It is the trustees, not the executors, who arrange for distribution of the proceeds. If the trust deed cannot be traced the insurance company would normally retain a copy. Liabilities As well as debts such as mortgages, personal loans, credit cards etc, there might also be outstanding bills such as water rates, council tax or utility bills, and debts to HMRC or the DWP such as outstanding tax or overpaid benefits. There will be other bills to settle, such as funeral expenses, potential legal and probate costs, as well as the executor s own out-ofpocket expenses. 12

13 Step 3 Identifying the beneficiaries If there is a Will, the beneficiaries of the estate should be clearly detailed. The legacies will be listed as set amounts or as percentages of the estate. If the Will contains provisions for a trust to be established, you should contact those nominated as trustees. In most cases, the Will itself is sufficient to create the trust and no further documentation is required. If the Will is not clear or is being contested, or if you are unsure, you should seek advice from a legal specialist. If there is no Will, or the Will is not valid, the laws of intestacy apply meaning that the estate is distributed in a prescribed manner. Please visit for further information on intestacy. Deeds of variation Under some situations, beneficiaries might agree to vary their legacies. This often happens when a Will was made many years ago and the beneficiaries circumstances have changed. A deed of variation changes the way that assets are distributed but can only be actioned if all beneficiaries agree. If you think a deed of variation may be required, you should seek advice from a legal specialist. 13

14 Step 4 Calculating and settling any tax due >> If you are an executor, you are responsible for informing the tax and National Insurance authorities (use the Tell Us Once service if you can, see page 8), calculating any tax due and settling any outstanding amounts before distributing the estate realised prior to death. There are potentially four periods where tax might be due. The first three need to be settled by the executor: 1. The tax year of death income and any gains realised prior to death from the previous 6 April until the date of death 2. Previous tax years any outstanding selfassessment returns 3. The estate administration period income and any gains received from the date of death until the date of distribution (even if this crosses into a new tax year) and any inheritance tax due 4. Date of distribution onwards the beneficiaries become liable for taxation from the date of the grant of representation 1. The tax year of death Once you have informed the tax authorities, HMRC will let you know whether a selfassessment tax return or other forms are required. Visit for more details. Income Income is taxed in the period it is received, even if earned in a previous period. For example, income from employment received after the date of death is taxed in the estate administration period. 14

15 Capital Gains Tax (CGT) In most cases there is no CGT on assets held at death but there may have been gains realised in the tax year prior to death that need to be declared. National Insurance If the deceased was employed no National Insurance contributions are payable on any earnings paid by their employer after the date of death. Once you have contacted their employer, no other action should be necessary since all National Insurance contributions are deducted through payroll. If the deceased was self-employed, you will need to contact the National Insurance Contributions Office to cancel any payment arrangements for collecting Class 2 National Insurance contributions. There is a helpline available by calling Any Class 4 National Insurance contributions will be dealt with through a self-assessment tax return. 2. Previous tax years There might be outstanding self-assessment tax returns for previous tax years to complete, and any tax due should be settled. 3. The estate administration period Income tax Income tax is charged on income received during the estate administration period (including on assets in the deceased s former ISAs, if any). The personal representatives are not entitled to a personal allowance (the amount of taxable income you can receive before you start paying income tax). Capital gains tax (CGT) In most cases there is no CGT on assets during the estate administration period, unless the executor or personal representatives sell certain assets before distribution. These include investment property and shares, but not the family home, which is normally exempt. Gains are calculated using a revised base cost: the value at the date of death. If the total gains made during the estate administration period exceed the annual CGT exempt amount, CGT will be charged at 28% for property and 20% for other assets. Inheritance tax (IHT) Inheritance tax is based on the probate value of an estate i.e. the value at the date of death. IHT is charged on the transfer of assets above the inheritance tax threshold, also commonly known as the nil-rate band (currently 325,000). The current charge is 0% below the threshold and normally 40% above. The rate of tax falls to 36% 15

16 where 10% (or more) of the taxable estate is left to registered charities. Executors are required to calculate the inheritance tax due. This is done through the completion of HMRC form IHT400. IHT is also charged on some gifts made by the deceased in the 7 years before death. Other gifts, to registered charities for example, are exempt, as are all transfers between married couples or registered civil partners. Gifts that have been made in the 7 years before death normally have to be declared on form IHT403, as part or all of these may be liable to IHT. Where necessary, assets may be able to be sold to settle any IHT. If the value of these assets has fallen significantly by the time they are sold, the executors may be able to claim for inheritance tax loss relief. On the other hand, if the market has risen significantly between the probate valuation and representation being granted, no further IHT is due, but capital gains tax may be payable. For shares and other investments, inheritance tax loss relief must be claimed within 12 months of death. For property the time limit is 4 years. Importantly, inheritance tax loss relief might only be available if the assets are sold. Assets which are transferred to beneficiaries do not qualify. No inheritance tax loss relief can be claimed on insurance company investments. IHT is normally charged and deducted before representation is granted and any distributions to beneficiaries can be made. Any income or capital gains tax and most liabilities owed can be deducted from the total value of the assets as part of the IHT calculation. Professional executors typically offer tax mitigation services, including the completion of the various returns required. If in doubt, we recommend taking specialist tax advice, particularly if the deceased s affairs are complex, such as where trusts or business assets are involved. 4. Date of distribution onwards Beneficiaries become liable for tax on any income received or capital gains made from the date of representation (the date they become entitled to their share of the assets). For this reason beneficiaries should, where possible, consider using tax wrappers such as ISAs and pensions to shelter legacies from taxation. Receiving a windfall or inheritance is one of the most common times to seek financial advice on issues such as tax mitigation. 16

17 Step 5 Applying for the Grant of Representation The document confirming the authority for you to collect and distribute the estate is issued by the probate registry and called a grant of representation. Your local probate registry can be found at courttribunalfinder.service.gov. uk. The grant of representation can also be referred to as the grant of probate, letters of administration (if there is no Will) or certificate of confirmation (in Scotland). Applications to a probate registry are either made by you as executor, or through a legal representative. Details of the forms you require are shown in appendix 4. Visit uk/wills-probate-inheritance/applyingfor-a-grant-of-representation for further information. After receiving the application form the probate registry will contact you if you are an executor to make an appointment where you will be required to swear an oath stating how and why you are entitled to act. This is usually within 10 days of receipt of the application. When you attend the appointment you will normally be required to bring 2 pieces of evidence of your own identity e.g. passport, driving licence, etc. A fee is charged by HM Courts Service to issue the grant and extra official copies are available for a small charge providing they are ordered at the same time as the original grant. Organisations almost always require an official and sealed version of the grant of representation. A photocopy or other copy is unlikely to be acceptable. As with the death certificate, it may be worth obtaining several official and sealed copies of the grant. This avoids the need to wait for the return of official and sealed copies to deal with each organisation in turn. 17

18 Step 6 Collecting the assets Once representation has been granted, the final part of the process is the collection and distribution of the assets according to the Will or in line with intestacy rules. Many executors open specific bank accounts to hold the proceeds of the estate prior to distribution. Each organisation is likely to require an official and sealed copy of the grant of representation and will require your instructions. Some assets might be sold, perhaps to repay mortgages, pay expenses or meet tax liabilities. There will also be assets that might be retained and transferred to new ownership. The advantage of retaining and transferring assets is that property and investments can be passed onto beneficiaries without sale costs or time out of their respective markets. In this regard, dialogue with the beneficiaries is important. Accommodating their wishes is a desirable outcome, though only if this meets your duty to follow the instructions laid out in the Will. 18

19 Step 7 Paying any creditors Mortgages, debts and outstanding bills Any outstanding mortgages, personal loans, debts or bills can now be cleared before assets are distributed to beneficiaries. Statutory adverts You are required to make full enquiries to discover what other debts are outstanding. After obtaining the grant of representation, you could consider placing an advertisement in the London Gazette and in a local paper announcing that claims against the estate should be made by a specific date, perhaps 2 months after the advertisement appears. Step 8 Distributing the assets The final part of the process is the distribution of the assets. This should only happen once the notice period shown in any statutory adverts has expired and assumes that no new creditors have come forward. Payments of cash are usually made by cheque or electronic transfer from the executor account. Transfers of certificated shares and nominee holdings can be completed. There is the option to have these done through the HL Vantage Service and new Vantage accounts for beneficiaries can be opened to receive either cash or investments. If a property or land is to change hands, transfer is normally done by a legal adviser or conveyancer. 19

20 Should you get help and advice? Executors can seek and pay for the advice of a professional when needed. Here are some of the most common situations where expert advice should be sought. If in doubt you should always seek help. Legal and/or tax advice If there are business assets included in the estate If the estate is particularly complicated e.g. involving family trusts If the Will is, or is likely to be, contested If the deceased saw active service in the armed forces (IHT exemptions may be available) If the deceased was either non-uk resident or non-uk domiciled for tax purposes If a deed of variation may be appropriate If the deceased owned foreign property, land or investments If the deceased inherited within 5 years of their death (IHT exemptions may be available) Could you benefit from financial advice? You may need support on immediate short-term financial issues, as well as long-term financial planning. An adviser can help you plan in line with your own financial objectives. It is recommended financial advice is sought if: Beneficiaries are receiving legacies that will significantly change their financial positions Beneficiaries are not used to dealing with investments or pensions and are worried about their financial security Beneficiaries are worried about handling their own financial affairs Executors and beneficiaries want to simplify and organise their affairs more efficiently If you would like to find out more, our friendly advisory helpdesk offer a free initial consultation which can give you an overview of the different services we provide that might help you at this difficult time. For your free no-obligation consultation about financial advice please call the advisory helpdesk on (Mon Fri 8.30am 6pm) or advice@hl.co.uk 20

21 Appendices Appendix 1 - Registering the death Registering the death needs to be done within 5 days and in the country where death occurred, even if not the normal country of residence. Most deaths are registered by a relative. A registrar will normally only involve people outside the family if there are no relatives available. Go to the register office with jurisdiction over the area in which the person died to formally register the death. You may need to make an appointment beforehand. You can find contact details for local register offices at You will need to produce the following documents for the registrar: A medical certificate of the cause of death (issued by the doctor who certified the death) The deceased s NHS medical card (if available) Any pension book, certificate or documents relating to any pension or benefits that the deceased was receiving from public funds It may also help if you can produce the deceased s birth certificate and, if applicable, their marriage certificate(s). If the death has been referred to a coroner, they may issue another certificate direct to the register office. The registrar will need this certificate before the death can be registered. In cases where the death has been referred to the coroner, it is advisable to contact the register office before attending any appointment you may have made. As an executor you need to tell the registrar: Full name of the deceased and any previous names Date and place of death (if not shown on the doctor s certificate) Date and place of their birth including town and county (and country if born abroad) Their address Last occupation Full name, occupation and date of birth of their spouse or civil partner If they were receiving a state pension or any other state benefits You need to obtain from the registrar: A Certificate for Burial or Cremation, which the funeral director will require (in some cases this is passed to the funeral director direct) A Certificate of Registration of Death issued for social security purposes if the person received a state pension or benefits (this needs to be completed, signed and returned where applicable) Death certificates (you can buy official copies for a few pounds each) 21

22 Appendix 2 - Company and private pensions Most pension schemes are written under a form of trust which means they fall outside the deceased s estate. Their values are therefore not included in probate valuations or calculations and are dealt with separately from the estate. In the vast majority of cases, pension death benefits are inheritance tax free. Company pensions and workplace schemes In the first instance you should contact the pension scheme administrators or the company s Human Resources or payroll department. The administrators of the pension scheme will direct you on the trustees requirements. Normally, the trustees of a company/workplace pension scheme have full discretion as to who receives the death benefits. The member would normally have had an opportunity to nominate their chosen beneficiaries using a simple expression of wish form. The trustees must take the member s wishes into account along with any other relevant information. In some cases, a workplace pension may also offer life assurance or a guaranteed death benefit element or an employer may offer death in service benefits. You should make sure you obtain full details of what each scheme offers. In the absence of a scheme booklet, the pension scheme administrators or Human Resources team should be able to help. Final salary pensions often pay a widow(er) s pension and perhaps a dependant s pension if there are children under 23. The death benefits from other company pensions will usually depend upon the type of scheme and whether death occurs before or after retirement. If death occurs before retirement, the benefits are usually paid as a lump sum. If after retirement, they are usually paid as an income. Generally, ongoing pension payments to widows or widowers do not form part of the estate and are not subject to inheritance tax. The recipient will be subject to income tax. Private pensions (including SIPPs, personal and stakeholder pensions) As with company pensions, usually the trustees of the scheme decide who receives the value of the pension plan. The tax treatment of the death benefits under a private pension depends on the age of the investor at death. If the investor died aged under 75, the benefits are usually paid tax free, as long as they are paid within 2 years of the pension provider being notified of the death. If the investor died aged over 75 the benefits are subject to income tax at the beneficiary s marginal rate. The benefits can always be paid as a lump sum, however it may be possible for beneficiaries to instead choose to withdraw income from the funds depending on the circumstances. 22

23 Annuities If pension benefits are being paid through an annuity, the death benefits paid to beneficiaries are tax free if death occurs before age 75, and subject to their marginal rate of income tax if death occurs after age 75. Any guaranteed or value protected element of an annuity may be subject to inheritance tax so may need to be included in the probate valuation. The insurance company paying the annuity will be able to confirm the position as it can vary between annuity policies. If the benefits exceed the prevailing Lifetime Allowance a tax charge may apply. For more details please call Appendix 3 - Inherited ISA benefits for spouses & civil partners Since April 2015, accumulated ISA values can be passed on to the surviving spouse or civil partner. How does it work? Anyone who was married or in a registered civil partnership with someone who died on or after 3 December 2014 can apply for an additional ISA allowance, known as the Additional Permitted Subscription (APS). The APS is equal to the value of the ISA held by the deceased on the date of death. Please note any ISAs held lose their tax-efficient status on the date of death. Therefore any returns generated by the underlying investments after death could be taxable. Who is eligible for an APS? Anyone whose spouse or civil partner died on or after 3 December The APS is not limited to UK residents. The spouse or civil partner of an individual who moved abroad and still held ISAs is entitled to an APS. Does the APS affect the ISA allowance for the current tax year? No, the APS is separate to the ISA allowance. The surviving spouse or civil partner can use their ISA allowance in the normal way, in addition to any APS. How can investors find out whether an APS exists with an ISA manager? You should inform the ISA manager (such as Hargreaves Lansdown) of the death by providing the original or certified copy of the deceased s death certificate. If the deceased held ISA investments and died on or after 3 December 2014, the ISA manager will tell you whether an APS may exist, and its value. You may need to confirm your details as the surviving spouse or civil partner and provide the date of your marriage or civil partnership. How do I subscribe to an ISA and make use of an APS? Once the APS has been registered the surviving spouse or civil partner simply needs to 23

24 complete and return an APS ISA Application Form. The APS does not need to be used all at once, so a surviving spouse or civil partner could make several subscriptions to make use of their APS. Can I make additional permitted subscriptions using cash? Investors can make a cash subscription using their own cash or cash inherited from the deceased. Can I make additional permitted subscriptions using investments? Investments held in the deceased s ISA can be transferred into the surviving spouse or civil partner s ISA to use some or all of their APS. These investments can be transferred directly without needing to be sold. Assets can only be transferred directly into an ISA with the same company with which the deceased held their ISA. Other investments which form part of the estate cannot be transferred into the ISA and must first be sold and the proceeds used to make a cash subscription. The value of the assets at the time the transfer is made counts towards the APS. If the value of any inherited ISA investments is less than the APS, a top-up payment can be made with cash. If the value of any inherited ISA investments is greater than the APS (because they have risen in value since the date of death) investments can only be transferred into the ISA up to the value of the APS. What are the time limits to use the APS? The APS can be used from the date of death, even if estate settlement has not yet completed. For cash subscriptions, the APS is available for three years after the date of death, or for up to 180 days after administration of the estate is complete (i.e. when the personal representatives have distributed the assets of the estate), whichever is the later. Subscriptions made by transferring investments into the ISA must be within 180 days of the beneficial ownership of those investments passing to the surviving spouse or civil partner. What if my spouse or civil partner had ISAs with several providers? You will qualify for an APS with each provider with which your spouse/civil partner held an ISA. Each APS can either be used with the existing provider or transferred to another provider. Once part of the APS has been used with the existing provider, the remainder cannot be transferred and used with a different provider. Where an APS is transferred to a new provider, further subscriptions can only be made as cash. 24

25 Appendix 4 - Applying for the Grant of Representation The following table shows the main forms that have to be submitted by the executor in the application for the grant of representation. Country in which the deceased person lived England or Wales Scotland Required forms if inheritance tax is unlikely to be due 1. Probate application form PA1 2. Form IHT Form C1 ( Inventory ) 2. Form C5 Required forms if you expect inheritance tax to be due 1. Probate application form PA1 2. Form IHT Form IHT421 Probate summary 3. Form C1 ( Inventory ) 4. Form IHT400 Northern Ireland Form IHT205 only 1. Form IHT Form IHT421 Probate summary Appendix 5 - Estate assets template Assets Contact details Estimated value Probate value Notes 25

26 Appendix 6 - Estate accounts example Capital account Notes List all the assets and their probate value. If there are joint owners, list half the value. Assets Family home Investment property Holiday property Antiques or jewellery Cars Other chattels (possessions) Investments Bank accounts Building society accounts NS&I Gilts and treasury stock Life insurance policies HL Vantage ISA HL Vantage funds HL Vantage shares Other shares Income account Notes List here all the income received after the date of death. This is treated as an asset of the estate. Received Cash interest Dividends Interest executor account Subtotal Total assets (A+B) B C Money owed to the estate Overpaid bills e.g. council tax. Outstanding pension / benefits Subtotal A 26

27 Liabilities Funeral account Household bills Mortgage Loans and credit cards Executor expenses Probate fees Land registry fees Income and capital gains tax Inheritance tax Total liabilities D Distribution account Notes This is where you show how the estate has been distributed Assets less liabilities (C-D) Legacies Grandchild 1 Grandchild 2 Grandchild 3 Beneficiary 1 - Car - Antiques - Property E Beneficiary 2 - Jewellery Beneficiary 3 Total E 27

28 Useful HL telephone numbers Helpdesk Pensions / SIPPs / Drawdown Financial advice Estate Administration Hargreaves Lansdown Asset Management Ltd One College Square South, Anchor Road, Bristol, BS1 5HL. Authorised and regulated by the Financial Conduct Authority Enquiries:

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