Key points
- The personal representative has to administer the deceased’s assets according to the will.
- The inheritance tax account must be filed within 12 months of date of death.
- The increasingly paperless society makes it harder to obtain all information needed.
- It may be possible to pay inheritance tax on specified assets in instalments over ten years.
Losing a loved one is an emotional and difficult time. If a bereaved person becomes a personal representative responsible for handling the deceased’s affairs they might be navigating the probate process and inheritance tax for the first time. This can prove overwhelming and professional advice is often needed.
Applying for the legal right to deal with someone’s property money and possessions when they die is called ‘applying for probate’. There are various steps to take which can involve complex accounting and tax considerations. Accountants are often asked to help personal representatives and...