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Do you have to pay inheritance tax when someone has died?

Posted on Thursday, 31st March 2016 by

inheritance tax

 

 

 

 

 

 

Personal representatives (or Executors) are responsible for finding out if inheritance tax is due as a result of a person’s death. If it is, the personal representative has to make sure that it is paid.

Whether inheritance tax needs to be paid can depend on:

  1. how much the property and belongings of the dead person were worth when they died;
  2. the value of any gifts that they gave before they died, and who they gave these gifts to;
  3. the value of certain trusts from which the dead person benefited; or
  4. which people benefit under the will or under the rules of intestacy (the beneficiaries).

If you are dealing with an estate worth more than £325,000, or if you think that the person who has died gave away wealth during their lifetime, it is worth taking professional advice on whether there is an inheritance tax liability.  If the estate is distributed without paying any tax that is due, the Executor could be personally liable for this.

Give the private client teams in Loughborough a call if you need any help in administering an estate.

The information provided in all of our blogs reflects only a narrative of some elements to consider on the topic. The blogs do not contain considered legal advice and should not be relied upon as advice. Please see our website terms and conditions for full details of our disclaimer.  If you are interested in obtaining advice, please contact one of our solicitors who will be happy and able to advise you on your own particular circumstances.

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The information provided in all of our blogs reflects only a narrative of some elements to consider on the topic. The blogs do not contain considered legal advice and should not be relied upon as advice. Please see our website terms and conditions for full details of our disclaimer. If you are interested in obtaining advice, please contact one of our lawyers who will be happy and able to advise you on your own particular circumstances.

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Emma Fuller - Wills, Probate and LPA
Emma Fuller - Wills, Probate and LPA
emma.f@ehlsolicitors.co.uk 01509 212 108
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