Guides & Advice. What to do When Someone Dies

Transcription

1 Guides & Advice What to do When Someone Dies

2 Our Private Client Team We have nearly 300 years experience of advising on the full range of legal issues affecting individuals and families and are recognised as one of the leading firms in the region. Listening to and understanding your needs is at the heart of what we do. We are tremendously proud of the fact that many of our clients stay with us for their lifetimes and, indeed, we act for a number of families across generations. Such trust and mutual respect is based on a rigorous dedication to the law and our ability to empathise with your practical issues. Our team is top ranked in both The Legal 500 and Chambers UK directories and our reputation is built on technical expertise across a broad base of practice areas. We are committed to providing you with clear and comprehensive advice, to ensure the effective transfer of your assets to the next generation As well as covering all aspects relating to wills, probate, tax and trusts we specialise in a range of Court of Protection matters and related capacity issues. We are also highly experienced in handling more complex cases, ranging from multi-million pound trusts and estates involving offshore assets to substantial contested estate cases heard at the High Court. Our team features prominent members of bodies including Solicitors for the Elderly, the Association of Contentious Trust and Probate Specialists and the Society of Trust and Estate Practitioners, while Partner Jonathan Gater is Under Sheriff for Berkshire and an authorised High Court Enforcement Officer. What to do When Someone Dies For individuals and their families, the firm has one of the strongest private client teams in the south of England Chambers UK Excellence Integrity Approachability

3 What to do When Someone Dies There are many things to arrange when a loved one dies and it can be hard to make important arrangements and decisions at a time when you may be feeling shocked and confused. As well as dealing with the legal aspects we can also help with practical matters such as clearing a property of personal and household effects and dealing with the insurance and utility suppliers. Personal Representatives A Personal Representative is the person who deals with the administration of the estate. Who this person is, depends on the following: 99If there is a valid Will it should include details of the person(s) the deceased wanted to act as executors of their Will. 99If there is no Will, the estate will be administered in accordance with the rules of intestacy. 9 9 The rules of intestacy provide a legal order of persons who can act as Personal Representatives in descending priority e.g. a) the surviving spouse or civil partner b) the children of the deceased c) the deceased s parents Grants of Representation Unless the estate is very small and has no freehold or leasehold property (such as a house or flat) the Personal Representatives will have to obtain a Grant of Representation from the Probate Registry showing their entitlement to deal with the estate. We will be able to tell you if a Grant is needed, and can handle all the necessary paperwork for you if you wish. If the deceased left a Will, then an application is made to the Probate Registry for a Grant of Probate; if the deceased did not make a Will and therefore died intestate, the Personal Representatives have to apply for a Grant of Letters of Administration. If a Will was left, this will explain who is to inherit the estate. If there was no Will, the law sets out who is entitled to inherit, and we will be able to tell you which members of the family are entitled to the estate and in what proportions.

4 First Steps The first stage of our work is to prepare the papers to apply for the Grant. Before applying for the Grant, we will have to provide a detailed valuation of all of the deceased s assets and liabilities at the date of death. There is a checklist below that includes suggestions about property which the deceased may have owned and bills which may be due to be paid which may not otherwise immediately come to mind. Assets & Liabilities Checklist: 99Freehold/Leasehold Property 99Bank and Building Society Accounts 99National Savings Investments Premium Bonds, Income Bonds, Savings 99Certificates, Pensioner Bonds 99Life Insurance Policies 99Stock Exchange Investments - shares, 99PEP s, ISAs, Treasury Stock 99Pensions - state and occupational 99Cash 99Car, Jewellery, Antiques, other valuable personal effects 99Household Utility bills - electricity, gas, telephone, water, council tax, TV rental/licence 99Home insurance 99Funeral / Memorial Account 99Credit Cards or bank loans 99Mortgage 99Medical or Residential Care Home/ Nursing Home bills Inheritance Tax (IHT) We can advise you in relation to the Inheritance Tax (IHT) aspects of the estate and, if there is IHT to pay, we can discuss the various ways in which it can be paid. On current figures, no tax is payable on the first 325,000 of the net estate. Thereafter IHT is payable at the rate of 40%. There is no tax at all, whatever the value of the estate, on property going to a widow or widower or to a charity. The value of this exempt property is deducted from the value of the whole estate before the tax calculation is done. In this way, gifts to husbands, wives and charities can take an estate out of the tax bracket. If there is likely to be an amount of IHT to pay, we can prepare the relevant Inheritance Tax forms to be submitted to HM Revenue & Customs before applying for the Grant.

5 Administration of the Estate Once the Grant has been obtained, we will register the Grant with banks, building societies and other institutions holding the deceased s assets. Some items may need to be sold and we will discuss this with you. Larger and more valuable items may have to be professionally valued for IHT purposes, and fees for this and other work for the estate will be paid from money in the estate. The final stages of our work involve obtaining confirmation from HM Revenue & Customs that the deceased s Income Tax position and, if appropriate, Inheritance Tax position, has been finalised. We will then pay out the remaining entitlements to the beneficiaries and complete a set of Estate Accounts covering the administration period for your formal approval. If appropriate, we may also be involved in setting up any trusts which arise under the Will or on the intestacy. If appropriate we can refer beneficiaries to independent financial advisers to discuss whether and how they would like to invest their inheritance. We can also advise beneficiaries on IHT issues. What our clients say An excellent and friendly service. Supportive and understanding They made us feel very comfortable and at ease. Likeable and professional. Exceptionally helpful. Your legal acumen and professionalism stand for themselves. Very approachable. Very helpful and very understanding. This guide is provided free of charge by Blandy & Blandy LLP for information purposes only. This information is not legal advice or to be applied to any specific situation. The Firm assumes no responsibility for how this information is interpreted or used.

6 About Blandy & Blandy LLP Blandy & Blandy is a regional firm of solicitors, based in Reading and London. The Thames Valley has been our home since 1733 and we have the heritage and reputation that comes with this longevity. We enjoy working closely with our clients and are committed to achieving success with them. For nearly 300 years we have advised generations of clients on all aspects of their personal, family and business lives. Commercially, we provide a full range of legal services to both public and private sector organisations, ranging from national and multinational companies, through to banks and lenders, SMEs and owner-managed businesses, charities and educational institutions, professional practices, landowners and developers and venue and event operators. Our partners and many of our associates are acknowledged as experts by the two major legal directories, Chambers UK and The Legal 500, and we are top ranked as a firm by both. We have also held the Law Society s Lexcel quality mark since Of the 11,000 legal practices in England and Wales fewer than 10% have achieved this gold standard. We are a people business. We place our clients best interests at the heart of all that we do, while ensuring, through our partner led approach, that we embody our values of excellence, integrity and approachability. Feedback from both our clients and peers confirms this we know that actions speak louder than words. We seek to balance our heritage with a modern and progressive approach, in terms of the services we offer and the way in which they are delivered. This, underpinned by our independence, means that our clients continue to trust and recommend us year after year. Contact us If you would like to speak to us about our legal services, please contact our team. T: E: probate@blandy.co.uk W:

7 Our Private Client Team Jonathan Gater, Joint Managing Partner and Head of Private Client T: E: Jonathan specialises in all aspects of estate and trust administration, lifetime estate planning and Court of Protection work. He also assists a number of his clients with the day to day management of their affairs. He is a qualified member of Solicitors for the Elderly (SFE) and a High Court Enforcement Officer. Caroline Casagranda, Partner T: E: caroline.casagranda@blandy.co.uk Caroline is highly experienced in all aspects of private client law. She specialises in Wills, probate and estate administration of taxable and non-taxable estates, Lasting Powers of Attorney and tax planning for a wide range of clients. Caroline is an associate member of Solicitors for the Elderly (SFE). Philip D Arcy, Joint Managing Partner T: E: philip.d arcy@blandy.co.uk Philip is a widely acknowledged expert in resolving disputes in relation to Trusts, probate and inheritance matters, including disputed Wills, claims to remove Executors or Trustees, Breach of Trust cases and Inheritance Act claims. He is an established member of the Association of Contentious Trust and Probate Specialists (ACTAPS). Graham Benwell, Consultant T: E: graham.benwell@blandy.co.uk Graham has over 30 years experience as a dedicated private client lawyer and has particular expertise in the field of tax and estate planning via Wills and Trusts. He acts for many high net worth individuals and their families and has many clients referred to him by accountants, investment managers, IFA s and other firms of solicitors. He is also a founder member of the Society of Trust and Estate Practitioners (STEP). Lorna Sansom, Solicitor T: E: lorna.sansom@blandy.co.uk Lorna Sansom joined Blandy & Blandy s private client team in 2015 from B P Collins in Gerrards Cross and specialises in estate planning, tax and trusts. With a background in financial services, she is a full member of the Society of Trust and Estate Practitioners (STEP) and the Association of Taxation Technicians.

8 Rachel Nott, Solicitor T: E: Rachel specialises in the preparation of Wills, the drafting of Lasting Powers of Attorney, dealing with Probate and Estate Administration for taxable and non-taxable estates, and dealing with the administration of trusts. Having originally trained at the firm, she returned in Elizabeth Short, Solicitor T: E: Elizabeth specialises in Wills, probate and estate administration of taxable and non-taxable estates, Lasting Powers of Attorney and tax planning. She is an associate member of Solicitors for the Elderly (SFE). Patrick Brennan, Solicitor T: E: Patrick specialises in all aspects of private client law, including wills and tax planning, estate administration, and drafting of Lasting Powers of Attorney. He joined the firm in September Jack Bailey, Solicitor T: E: Jack specialises in Court of Protection matters and mental capacity law, including contentious and non-contentious applications to the Court of Protection. He also specialises in Lasting Powers of Attorney and providing advice to lay attorneys and deputies on their duties. Stephanie Scullion, Solicitor T: E: Stephanie joined Blandy & Blandy as a Trainee Solicitor in March 2014 and joined the firm s Wills, Probate Tax and Trusts department in August 2015 upon qualification. She previously worked for a law firm in Guildford as a Paralegal. Deborah Clark, Legal Executive T: E: deborah.clark@blandy.co.uk In addition to dealing with her own caseload, including taking instructions from clients for smaller estates and Wills, Deborah supports the team on more complex matters, undertaking work on a cost-effective basis.

9 Blandy & Blandy LLP is authorised and regulated by the Solicitors Regulation Authority and authorised and regulated by the Financial Conduct Authority. It is incorporated as a limited liability partnership under number OC and its registered office is at One Friar Street Reading Berkshire RG1 1DA. A list of Members may be inspected at our Registered Office. Partner denotes a Member or a senior Employee of Blandy & Blandy LLP.