Garner Canning Solicitors
We can help with:
Staff at our offices act for many owner-managed businesses and private individuals so they are able to offer advice on charitable structures, associated taxation issues and the duties and liabilities of trustees.
It is important that everyone of us makes a will to ensure that our assets are passed on to those we intend upon our death so that the problems of intestacy or poorly drafted wills are avoided.
Many of us have elderly relatives who may be approaching a time when they can no longer look after their own affairs. We can offer sensitive advice and guidance in drafting enduring powers of attorney.
We undertake the administration of trusts and estates and offer a comprehensive service to trustees, executors and beneficiaries.
Please contact David Lewis at our Atherstone office on 01827 713543, email: davidlewis@garnercanning.co.uk , or Ian Webster at our Tamworth and Castle Bromwich offices on 01827 314004, email: ianwebster@garnercanning.co.uk.
The outline of the work we carry out in an Administration of an Estate is as follows:
Unless the estate is very small and with 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 probably be able to tell you straightaway if a Grant is needed, and we shall handle the necessary paperwork for you.
If the deceased left a Will, we make an application 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.
A Will should set out who is to inherit the estate. If there is no Will, the law sets out who is entitled to inherit and we should be able to tell you at a very early stage which members of the family are entitled to the estate and in what proportions and shares.
The first stage of our work is to ascertain the values of assets and liabilities of the estate and to prepare the papers for the application for the Grant. We will also tell you how quickly we expect to receive the documents from the Probate Registry.
We write as soon as possible to beneficiaries named in the Will, or those family members entitled on an intestacy, to tell them of their legacies and entitlements. When writing, we also try to indicate when we expect to be able to make payment.
We will arrange for the payment of the funeral account and other bills in due course.
We will tell you whether or not there is likely to be any Inheritance Tax (IHT) to pay, and if so, advise on how the Tax is to be paid. We deal with this when we write to you about obtaining the Grant.
No IHT is payable where the value of the net estate is less than '£325,000. Above this amount IHT is payable at the rate of 40% on the net value of the rest of the estate.
There is no IHT 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 rest of the estate before the IHT calculation is done. Therefore gifts to a spouse and/or Charities can take the estate out of the IHT bracket.
If there is likely to be a large amount of IHT to pay either on the estate now or by the family in the future we will discuss this with you and, if necessary, the others involved before the Grant is obtained and consider whether or not action can be taken to reduce the amount payable.
When inheritance tax is paid, unless instructed otherwise, we will normally apply for a Clearance Certificate from the Revenue shortly before the administration of the estate is due to be completed. Where no inheritance has been paid, we would only apply for such a Clearance Certificate if you specifically instruct us to do so.
In the case of married couples, unused nil rate bands following the death of the first spouse to die can be transferred to the surviving spouse.
Garner Canning Limited, registered office 11 Aldergate Tamworth B79 7DL, registered in England number 6288672, VAT Reg. No. 462 0212 93