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Tipi Wills & Planning
Passionate about People. Passionate about Planning
We have one life. Let's live it to our best.
Wills & Planning for the Isle of Wight, Hampshire & Sussex
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Tel: 01727807169
Trained by & member of both Society of Will Writers and Estate Planners and Society of Mediators
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Facilitating Agreement. A local and national centre offering a variety of mediation and the NEW Empowered to Talk premediation. We facilitate solutions over a wide range of situations from legal to difficult decision making. This includes problems & disputes around Wills and contentious probate resolution, Civil & Commercial Mediation for a wide range of conflict. claims, medical decisions or disputes
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Tipi Wills & Planning
"An Englishman's home is his castle"
Edward Coke 1604
Whether its a tipi or a castle it's your home
We are pleased to announce the formation of Isle of Wight Mediation to focus on a wide range of mediation. Our name is changing to Tipi Wills & Planning. Its unique combination of services for planning and mediation remains
The content, concepts and planning services in these websites and used by this business are strictly the creation of and the property of Patricia Horwood trading as Tipi Wills & Planning & Isle of Wight Mediation
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Beware executors – you’re liable for IHT, not the beneficiaries!
It has become much more common for people to appoint family members as executors to save professional costs. What many don't realise is that there a raft of responsibilities and obligations that fall on the executor. Alongside this can be the reluctance of family members to co-operate with the seemingly invasive nature of producing information for the executor and family relations can become strained. Depending on the Estate, it can be one of the most stressful undertakings you are going to do alongside the fact you are grieving. It is very important you understand the role. However, if you find you no longer wish to do it on your own (or indeed at all) there is a process where you can ask for the professional expertise of a probate solicitor to be appointed as joint executor with you. It is a good idea to appoint two or three possible executors as alternatives and you may like to consider joining professional executor from the beginning to avoid potential problems.
(Article courtesty of RWK Goodman solicitors) "Many don’t realise that the executor is personally liable for settling any Inheritance Tax (IHT). Usually, IHT is payable on the deceased’s estate before assets are distributed to the beneficiaries. In a cautionary tale, one executor was left liable for £340,000 in IHT after the beneficiary escaped to Barbados without paying…
The role of an executor could be described as a ‘thankless’ task, though it is considered to be one of the most important appointments one could make when drafting their Will. After all, by its very nature, once an executor’s appointment is activated, the individual for whom they act can no longer speak for themselves; the fulfilment of their wishes and legacies is entirely reliant on the executor and their actions.
Among many other actions, an executor is responsible for: notifying relevant parties; obtaining valuations; filing tax returns; meeting deadlines; distributing assets; and, maybe less known, ensuring that all outstanding IHT is paid to HMRC.
A cautionary tale
Mr Harris was appointed to administer Mrs McDonald’s estate in 2013. As her personal representative, he filed the Inheritance Tax return and paid all sums which were immediately due to HMRC. As most of Mrs McDonald’s £1.2 million estate was tied up in land, however, not all of the tax due had to be paid immediately.
Mr Harris then released the assets to the main beneficiary, allegedly on the agreement that the beneficiary would pay any outstanding IHT from the property inherited. Upon receiving the inheritance, however, the beneficiary returned to their home in Barbados without settling the £340,000 Inheritance Tax bill.
Mr Harris was unable to contact the beneficiary, and appealed the initial decision that he was personally liable, claiming that he cannot settle the IHT liability as he is no longer in possession of the assets of the estate.
His appeal was rejected on the basis that his agreement with the beneficiary was irrelevant. It was ruled that Mr Harris continued to be personally liable for any outstanding IHT, as he distributed the estate’s assets before paying the IHT.
We are yet to see how HMRC will pursue this debt, following the Court’s decision, but they are entitled to sue Mr Harris and attempt to force the sale of his house, claiming the sale proceeds towards settlement of the debt.
Advice is key
It’s true – hindsight is a wonderful thing. Had Mr Harris sought legal advice regarding his role and the administration of Mrs McDonald’s estate, he would have been strongly advised against releasing the assets from the estate before settling the outstanding IHT liability.
Although the extent of personal liability in this estate is rare, there are common misconceptions regarding an executor’s role – and it could spell disaster for an executor’s personal financial position if they get it wrong.
Unsure?
Being appointed as an executor by either a loved one or a friend is a credit to your character; they trust you with the entirety of their worldly possessions at a time when they can no longer control them nor influence their distribution."
(Article courtesty of RWK Goodman solicitors)