Wills Checklist PDF

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DOCUMENT A CHECKLIST FOR ADMINISTRATION OF AN ESTATE A.

Taking instructions 1. 2. 3. 4. 5. 6. 7. 8. 9.

. Is there a will? Is it valid? What property did the deceased own? What was it worth? How was it held? Amount of debts owed by the deceased? Cost of funeral? Were there any substantial lifetime gifts? Has deceased survived a spouse with unused nil rate band?

10. What family members survive the deceased? 11. How old are they? 12. Are there any other surviving dependants? B.

Preliminary assessment of the matter 1.

2. 3.

4.

5.

Who is your client?  executor?  administrator? Do you need a grant to make title to assets passing by will/intestacy? Who will be entitled to the estate?  property passing outside will/intestacy  property passing under will/intestacy rules Ascertain the IHT position:  identify assets in the IHT estate  what is the value?  apply exemptions and reliefs  find cumulative total of lifetime gifts  calculate IHT Consider whether it will be necessary to protect PRs by advertising for unknown claimants.

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C.

D.

Preparing to apply for grant Tick when complete 1. Make sure you have instructions to act from the executor(s)/prospective administrator(s). 2.

Value the assets: write to account holders for values at date of death; arrange valuations of house/chattels/shares as necessary.

3.

Complete IHT 400 or 205 (and/or any other relevant IHT schedules) for PRs to sign.

4.

Complete appropriate application form.

5.

PRs sign appropriate IHT form and application form.

6.

If there is tax to pay apply for a reference number from HMRC.

Applying for grant

Tick when complete

If the estate is excepted, send the following to the District or Principal Probate Registry  Application form  Will (if any, and 2 copies of the sworn will)  Probate Court Fee  IHT 205 If the estate is not excepted send the following to HMRC, Inheritance Tax  IHT 400 (and IHT 402/430 if relevant)  Any IHT due on delivery of IHT 400 (or if using the Direct Payment Scheme send IHT 423 to relevant banks etc)  IHT 421 Probate Summary Send the following to the District or Principal Probate Registry  Will (if any, and 2 copies of the sworn will)  Application form  Probate Court Fee  Receipted IHT 421 Probate Summary

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E.

On receipt of grant, administer estate 1. 2. 3. 4. 5.

6.

7. 8.

Tick and date when complete

Send copy grant to account holders, insurance companies etc to realise cash. Pay off any loan raised to pay IHT; pay debts. Discuss with PRs what assets (if any) should be sold and assess tax implications. Pay legacies (if any). Finalise IHT position and obtain confirmation from HMRC that IHT enquiries are over. Review administration to see whether PRs liable to income tax or capital gains tax. If so, complete tax return and pay tax. Prepare estate accounts. Check that PRs are protected against liability for claims against the estate.

F. Distribute estate WARNING - FIRST CHECK: 1. PRs' income tax/capital gains tax paid? 2. Confirmation that IHT enquiries are over? 3. Has waiting period for protection under Trustee Act 1925, s27 expired? 4. Has waiting period for protection under Inheritance (Provision for Family and Dependants) Act 1975 expired?

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