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The death of a family member or close friend is often very difficult. It can be made worse by the uncertainty involved in sorting out the deceased’s financial affairs. Executors have responsibilities to be exercised properly and beneficiaries have expectations to be managed sensitively.
The work needed will vary according to whether the deceased left a will or not and in either case family tax planning may be required to manage assets for existing beneficiaries and future generations so those assets are protected and maximised wherever possible.
A death may trigger inheritance tax, capital gains tax and income tax issues and the self-assessment regime overseen by the Inland Revenue makes it vital that these issues are anticipated and dealt with efficiently to avoid penalties and interest being incurred.
These tax issues are particularly relevant if the estate contains agricultural land or business property or there are heritage considerations affecting the deceased’s personal effects.