The rules surrounding stamp duty and inheritance tax have become so complicated that people have been left paying too much or too little. According to The Times, Christina Blacklaws, the president of the Law Society says: ’Solicitors have been frank that guidance is overly convoluted and ambiguous. Exemptions have been introduced in an effort to make these taxes fairer, but HMRC’s own figures show that the approach is not working.’
As being an Executor of a Will can be a daunting responsibility we have outlined the merits of instructing a Solicitor to help.
The benefits of instructing a Solicitor to help with the Probate process?
As professionals who deal with probate on a daily basis, Solicitors can ease the stress of this complex process because they are aware of the legal, tax and property issues surrounding probate. They will also know what to ask for, from whom and when. This will often result in a quicker, compliant and more efficient outcome. Their expertise, through their step by step guidance, can provide reassurance at this upsetting time.
Inheritance Tax
You may find that the deceased’s estate is subject to Inheritance Tax. This can be a complicated process. However, a Solicitor is well versed in this area and can ensure that you only pay what is legally owed.
Estates held in Trust
Trusts are often established by a Will, although their existence may not be immediately obvious. There are tax and legal implications surrounding such trusts and your Solicitor can guide you through these complicated rules.
Contested Wills
If the Will is contested then disputes may arise. Having the security of knowing that a Solicitor will be able to inform you of your options can prove invaluable.
Other Services
If required, Solicitors can also ensure that all payments owing on the estate are paid (including capital gains tax, inheritance tax and income tax if applicable). They will also liaise with third parties including beneficiaries, estate agents and financial institutions, complete administrative forms (including probate information and inheritance tax forms) and validate your sworn oath.