Helping settle an estate

Our clients were both executors of their deceased parents’ estate. They approached us for help with the administration of the estate, explaining:

“We are both executors, and also both beneficiaries of our parents’ estate. At the moment we cannot come to an agreement on how gifts given during our parents’ lifetime should be treated, or how the estate should be distributed. We need help to look these issues, to work out how previous gifts affect Inheritance Tax, and ultimately how our parents’ estate will be shared.”

How we helped

We investigated the extent of the estate and the lifetime gifts and how these affected the Inheritance Tax. The Grant of Probate was obtained, and we began realising the assets and settling the liabilities. This then allowed us to begin our work on how the estate was to be distributed. This included going to Counsel and obtaining Counsel’s Opinion in relation to the lifetime gifts.   

The result

The inheritance tax position was finalised, and we received formal clearance from HMRC. After Counsel’s Opinion was obtained, this allowed us to finalise our position regarding the distribution of the estate and achieve a fair and equal distribution to all the deceased’s residuary beneficiaries.