DIY probate could come back to biteUnderstand the risks before taking the plungeBy Teresa PayneIt might come as a surprise to learn that instructinga solicitor who is a specialist in probate, taxation andAccording to the consumer watchdog Which?while many Executors use solicitors to handle theentire probate process, around a third of probatapplications are carried out by those who haveopted for the DIY route.nistering an Estate could not only pay forbutalso leavea greater amount of funds in the Estate todistributedThe obvious reason for this is to save money. However, Solicitors will also check to see if the Will is as tax efficientfailure to follow the correct procedures could cost you as possible at the time of death, even though it may havedearly further down the line. Here are some factors to been prepared many years earlier, If it isn't, they will lookkeep front of mind:at options available to minimise the amount of tax paid.This again often results in tax savings to the Estate whichcan be substantial, frequently amounting to tens ofeIf things go wrong, you must accept liabilityThe Executors are personally and legally responsible thousands of pounds saved in fact. This, in turn, is passedfor the Estate and beneficiaries, which means they on to the benefciariesmust accept any liability if things go wrong.In a recent case, we saved one of our clients more thanE300,000 in tax on the Estate. So even after the paymentof our legal fees, the beneficiaries of the Estate receivecdmore inheritance by instructing us than they wouldhave done by doing it themselv"In a recent case we saved one of ourclients more than £300,000 in tax,"Teresa Payne, Parfitt Cresswell SolicitorseThe process can be time-consumingYou must be willing to invest the time to prepthe probate papers, You may also be required toattend an interview at the probate registry to obtainthe grant of probate before collecting all the assets naddition to the reasons summarised above, youand distributing them in accordance with the Will or should always seek legal advice ifSo, make sure you make an informed decision whendeciding how to deal with the Estate of a loved one.Mistakes could cost you dearly if you make the wrongchoice. Furthermore, if you are the Executor or PersonalThe Estate is taxableThe terms of the Will are not clearThe person who died has leftIf you fail to act correctly, you could be sued byone or more of the beneficiariesRepresentative, the beneficiaries would be entitledto pursue you for any loss of the Estate caused byunnecessary tax payment or failure to carry out amoney or propertyAs the legal Executor, you can't afford to cut anycorners.Youll need to know how to deal withrelatively technical areas such as the income taxof the deceased with HMRC. If required, you'll alsoneedto protect the Estate by placing an advert forcreditors and minimising any tax payaPart of the Estate is to pass to children underageThere is land or property abroadThere is a business involvederelevant step during the process. Just imagine if theExecutors of the Estate that received the tax savings ofmore than E300K had failed to get this benefit for theEstate. The beneficiaries could well be knocking on thedoor demanding payment..ee Its likely that someone will dispute the Willwhy should you consider instructing a solicitor ratherthan doing it yourself?Some peoplejust don't feel capable of doing itMy Probate team are all qualified solicitors and lega Each month, I offer a limited number of potential newexecutives with many years experience of dealing with clients an opportunity to apply for a free consultationnot only the application process, but also with taxation with one of my expert solicitors. This month we havemselves and would rather put their trust in aissues, HMRC and other third parties. They fully consider ten free consultations available. If you wish to beconsidered for one, simply call 01753 271640 orprofessional to handle matters for them. Others simply the tax implications of the Will at the time of death andaren't up to it emotionally Then there are those who just ensure that you are advised of any tax saving measuresaren't willing to accept the risk in case à mistake is made available.email: Windsor@parfittcresswell.com quotingTHERE IS LIFE AFTER A DIVORCE AND IT ALL STARTSWITH BEING IN FULL CONTROL OF THE FACTS!The Good Divorce Guide, a new book written by the family law team atParfitt Cresswell, will guide you through the legalities of divorce and financialsettlements and help you make informed decisions about your futureFor a limited time, you can order a complimentary copy.Simply email windsor@parfittcresswell.com with your nameand postal address and we will manage the rest.Conveyancing, Wills, Probate, Power of Attorney, Trusts and Separation and DivorceCall for an appointment todayPARFITTCRESS WELL17-21 Victoria Street, Windsor, Berkshire SL4 1HEWwww.parfittcresswell.com T01753 271640 E windsor@parfittcresswell.com

Date: 08 February 2018

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DIY probate could come back to bite Understand the risks before taking the plunge By Teresa Payne It might come as a surprise to learn that instructing a solicitor who is a specialist in probate, taxation and According to the consumer watchdog Which? while many Executors use solicitors to handle the entire probate process, around a third of probat applications are carried out by those who have opted for the DIY route. nistering an Estate could not only pay for butalso leavea greater amount of funds in the Estate to distributed The obvious reason for this is to save money. However, Solicitors will also check to see if the Will is as tax efficient failure to follow the correct procedures could cost you as possible at the time of death, even though it may have dearly further down the line. Here are some factors to been prepared many years earlier, If it isn't, they will look keep front of mind: at options available to minimise the amount of tax paid. This again often results in tax savings to the Estate which can be substantial, frequently amounting to tens of e If things go wrong, you must accept liability The Executors are personally and legally responsible thousands of pounds saved in fact. This, in turn, is passed for the Estate and beneficiaries, which means they on to the benefciaries must accept any liability if things go wrong. In a recent case, we saved one of our clients more than E300,000 in tax on the Estate. So even after the payment of our legal fees, the beneficiaries of the Estate receivecd more inheritance by instructing us than they would have done by doing it themselv "In a recent case we saved one of our clients more than £300,000 in tax," Teresa Payne, Parfitt Cresswell Solicitors e The process can be time-consuming You must be willing to invest the time to prep the probate papers, You may also be required to attend an interview at the probate registry to obtain the grant of probate before collecting all the assets naddition to the reasons summarised above, you and distributing them in accordance with the Will or should always seek legal advice if So, make sure you make an informed decision when deciding how to deal with the Estate of a loved one. Mistakes could cost you dearly if you make the wrong choice. Furthermore, if you are the Executor or Personal The Estate is taxable The terms of the Will are not clear The person who died has left If you fail to act correctly, you could be sued by one or more of the beneficiaries Representative, the beneficiaries would be entitled to pursue you for any loss of the Estate caused by unnecessary tax payment or failure to carry out a money or property As the legal Executor, you can't afford to cut any corners.Youll need to know how to deal with relatively technical areas such as the income tax of the deceased with HMRC. If required, you'll also needto protect the Estate by placing an advert for creditors and minimising any tax paya Part of the Estate is to pass to children under age There is land or property abroad There is a business involved e relevant step during the process. Just imagine if the Executors of the Estate that received the tax savings of more than E300K had failed to get this benefit for the Estate. The beneficiaries could well be knocking on the door demanding payment. . e e Its likely that someone will dispute the Will why should you consider instructing a solicitor rather than doing it yourself? Some peoplejust don't feel capable of doing it My Probate team are all qualified solicitors and lega Each month, I offer a limited number of potential new executives with many years experience of dealing with clients an opportunity to apply for a free consultation not only the application process, but also with taxation with one of my expert solicitors. This month we have mselves and would rather put their trust in a issues, HMRC and other third parties. They fully consider ten free consultations available. If you wish to be considered for one, simply call 01753 271640 or professional to handle matters for them. Others simply the tax implications of the Will at the time of death and aren't up to it emotionally Then there are those who just ensure that you are advised of any tax saving measures aren't willing to accept the risk in case à mistake is made available. email: Windsor@parfittcresswell.com quoting THERE IS LIFE AFTER A DIVORCE AND IT ALL STARTS WITH BEING IN FULL CONTROL OF THE FACTS! The Good Divorce Guide, a new book written by the family law team at Parfitt Cresswell, will guide you through the legalities of divorce and financial settlements and help you make informed decisions about your future For a limited time, you can order a complimentary copy. Simply email windsor@parfittcresswell.com with your name and postal address and we will manage the rest. Conveyancing, Wills, Probate, Power of Attorney, Trusts and Separation and Divorce Call for an appointment today PARFITT CRESS WELL 17-21 Victoria Street, Windsor, Berkshire SL4 1HE Wwww.parfittcresswell.com T01753 271640 E windsor@parfittcresswell.com

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