“Should executors calculate inheritance tax before applying for probate?”

In our weekly legal column, the Leader, with the expert advice of the GHP Legal team, proposes to answer some of your problems. The question of the day is answered by lawyer Ulia Choudhry…

Q: Our uncle has only a short time to live and my sister and I are his sole executors. We plan to apply for probate ourselves and want to be well prepared to begin the process as soon as it passes. Someone told us that before we can get probate, we will need to calculate any estate tax owing. So that we don’t make any mistakes, can you explain the process to us?

A: The grant of probate is necessary to confirm that you have the legal authority to administer the estate of a deceased person, in accordance with their will. Before you can apply for the grant, you must assess the estate of the deceased and calculate the amount of Inheritance Tax (IHT) due, as the grant will generally not be issued until you have paid the amount of the estate. ‘IHT due, or provided proof that there is no IHT to pay. Completing the correct IHT forms and submitting them to HMRC or the Probate Registry is part of the application.

When calculating inheritance tax, it is important that you arrive at the correct figure, as overcalculating the amount owed could result in the estate paying more than necessary, and undercalculating could mean you are personally held financially responsible for any additional amounts. Amount. It is important to apply within six months of the death of the deceased if the IHT is due, as the estate will begin to accrue interest after this period.

Obtaining probate can be complex, especially if there are issues such as donated assets and exemptions to consider. It is for these reasons that executors often seek legal assistance to guide them through the probate process.

This question was answered by Ulia Choudhry, a lawyer at GHP Legal. If you would like to speak to someone about this or any other legal matter, that is always possible, and we are doing everything we can to ensure that we continue to deliver our high levels of service to our customers. In line with government guidelines, some of our lawyers are currently working remotely, which means you may not receive a response as quickly as expected. Thank you for supporting us and we will answer you as soon as we can.

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