0
LEGACY ADMINISTRATION –  MAXIMISING THE BENEFIT
LEGACY INCOME  <ul><li>Vital Funding Source  </li></ul><ul><li>£1-9 billion raised in 2008  </li></ul><ul><li>Can represen...
CHARITABLE GIVING  <ul><li>2/3 regularly give to charity in lifetime  </li></ul><ul><li>1/3 make a Will  </li></ul><ul><li...
MAXIMISING LEGACIES  <ul><li>Check all legacy receipts carefully  </li></ul><ul><li>Monitor progress  </li></ul><ul><li>Lo...
TOPICS FOR TODAY <ul><li>The Will – what to look for  </li></ul><ul><li>Probate procedure and timescales  </li></ul><ul><l...
THE WILL  <ul><li>No set form  </li></ul><ul><li>Must be in writing  </li></ul><ul><li>No need to be dated  </li></ul><ul>...
VALIDITY REQUIREMENTS  <ul><li>S9 Wills Act 1837 as amended:- </li></ul><ul><li>“ No Will shall be valid unless:-  </li></...
VALIDITY REQUIREMENTS Cont’d  <ul><li>the signature is made or acknowledged by the testator in the presence of two or more...
WHO MAY MAKE A WILL? <ul><li>Anyone over 18 (unless privileged)  </li></ul><ul><li>Intention to make a Will  </li></ul><ul...
WHAT MAY BE DISPOSED OF BY WILL?  <ul><li>Any assets owned by testator except:- </li></ul><ul><li>-  some jointly owned as...
COMMON PROBLEMS  <ul><li>Will invalidly executed  </li></ul><ul><li>Will is lost/unattested alterations  </li></ul><ul><li...
EXECUTORS’ POWERS  <ul><li>“ Collect and get in” the estate  </li></ul><ul><li>Power to sell  </li></ul><ul><li>Power to a...
EXECUTORS’ DUTIES  <ul><li>Trustee Act 2000  </li></ul><ul><li>Duty of care  </li></ul><ul><li>Duty to account  </li></ul>
BENEFICIARIES’ RIGHTS  <ul><li>Right to due administration  </li></ul><ul><li>Right to information  </li></ul><ul><li>Righ...
WHAT TO LOOK OUT FOR  <ul><li>Always read entire Will – does it make sense?  </li></ul><ul><li>Compare with schedule of as...
PROBATE PROCEDURE <ul><li>Some starting points:-  </li></ul><ul><ul><li>Time of bereavement  </li></ul></ul><ul><ul><li>Wh...
THE WILL  <ul><li>Where is it?  </li></ul><ul><li>Funeral wishes  </li></ul><ul><li>Who can see it?  </li></ul><ul><li>Hom...
THE ASSETS  <ul><li>Sole or joint?  </li></ul><ul><li>Valuations  </li></ul><ul><ul><li>Shares  </li></ul></ul><ul><ul><li...
GRANT OF PROBATE  <ul><li>Is it necessary?  </li></ul><ul><li>Inland Revenue account </li></ul><ul><li>Oath  </li></ul><ul...
ONCE THE GRANT IS OBTAINED  <ul><li>Trustee Act Notices  </li></ul><ul><li>Pay debts  </li></ul><ul><li>Pay legacies  </li...
TAX <ul><li>IHT/CGT – who to sell?  </li></ul><ul><li>–  exemptions </li></ul><ul><li>Appropriation  </li></ul><ul><li>Ded...
TAX RETURNS/ACCOUNTS  <ul><li>Tax to date of death  </li></ul><ul><li>Estate administration return  </li></ul><ul><li>Esta...
WINDING UP <ul><li>Approval of Estate Accounts  </li></ul><ul><ul><li>Receipts   and indemnities </li></ul></ul><ul><li>Di...
BASIC TAX <ul><li>Inheritance Tax – IHT  </li></ul><ul><li>Capital Gains Tax – CGT  </li></ul>
INHERITANCE TAX  <ul><li>A direct tax on transfers of value  </li></ul><ul><li>Lifetime transfers  </li></ul><ul><ul><li>“...
WHAT IS TAXABLE?  <ul><li>Share of joint property  </li></ul><ul><li>Interest in trust  </li></ul><ul><li>Life policies  <...
EXCLUSIONS:- <ul><li>Property outside UK (if non-UK domiciled)  </li></ul><ul><li>Reversionary interests </li></ul><ul><li...
EXEMPTIONS AND RELIEFS  <ul><li>Gifts between spouses  </li></ul><ul><li>Gifts to charity  </li></ul><ul><li>Gifts for Nat...
POTENTIALLY EXEMPT TRANSFERS (“PETs”) <ul><li>Taper relief  </li></ul><ul><li>Reduces tax payable not value of the gift  <...
HOW TO CALCULATE IT?  <ul><li>Current threshold - £325,000  </li></ul><ul><li>0 - £325,000 – NIL  </li></ul><ul><li>Over £...
S41 INHERITANCE TAX ACT 1984  <ul><li>“ Notwithstanding the terms of any disposition:- </li></ul><ul><li>None of the tax o...
EFFECT OF S41:-  <ul><li>Gross up legacies exceeding tax band  </li></ul><ul><li>If residue is split charitable/non-charit...
BENHAM:-  <ul><li>“ as to the residue …… to pay the same to those beneficiaries as are living at my death and who are list...
WHEN IS IT PAYABLE?  <ul><li>6 months after end of month of death  </li></ul><ul><li>Instalment option may apply </li></ul...
CAPITAL GAINS TAX  <ul><li>A capital tax on the disposal of capital assets producing a gain  </li></ul><ul><li>Not payable...
SALES BY EXECUTORS  <ul><li>Annual exemption of deceased available for tax year of death and the next 2 tax years  </li></...
EXEMPTIONS  <ul><li>Disposal of Government Stock  </li></ul><ul><li>Transfers between spouses </li></ul><ul><li>Disposal b...
CALCULATING THE TAX  <ul><li>Sale value  </li></ul><ul><li>Less  - base cost  </li></ul><ul><li>- allowable expenditure  <...
VARYING A WILL <ul><li>Deed of Variation  </li></ul><ul><li>Disclaimer  </li></ul>
WHY VARY?  <ul><li>Make use of nil-rate band  </li></ul><ul><li>Compromise a claim  </li></ul><ul><li>Make Will more tax e...
WHO CAN VARY? <ul><li>Beneficiaries giving up entitlement  </li></ul><ul><li>Executors  </li></ul><ul><li>Minors/mentally ...
THE TAX EFFECTS <ul><li>S142 IHTA 1984 </li></ul><ul><li>S62 TCGA 1992  </li></ul><ul><li>Income tax – not retrospective  ...
TIME LIMITS <ul><li>Within 2 years of death  </li></ul><ul><li>Election for tax within 6 months of Deed  </li></ul>
ESTATE ACCOUNTS <ul><li>S25 AEA 1925 as amended  </li></ul><ul><li>“ When required to do so by the Court, exhibit on Oath ...
WHEN SHOULD THEY BE PREPARED?  <ul><li>Before major distributions  </li></ul><ul><li>Each tax year  </li></ul><ul><li>At e...
WHO IS ENTITLED TO SEE THEM?  <ul><li>Executors  </li></ul><ul><li>Residuary beneficiaries  </li></ul><ul><li>Legatees?  <...
WHO SHOULD APPROVE THEM?  <ul><li>Executors  </li></ul><ul><li>Beneficiaries  </li></ul><ul><li>Indemnities  </li></ul>
FORMAT  <ul><li>Narrative  </li></ul><ul><li>Balance sheet  </li></ul><ul><li>Estate Account  </li></ul><ul><li>Administra...
CHECKLIST <ul><li>Check assets and liabilities </li></ul><ul><li>Check administration expenses  </li></ul><ul><li>Check le...
INCOME TAX  <ul><li>Pre-death  </li></ul><ul><li>Post-death  </li></ul>
INCOME AFTER DEATH  <ul><li>Interest on savings accounts  </li></ul><ul><li>Dividends  </li></ul><ul><li>Rental income  </...
WHAT IS NOT INCOME?  <ul><li>Refunds  </li></ul><ul><li>Premium bond prizes  </li></ul><ul><li>Encashment of assets  </li>...
WHAT SHOULD THE EXECUTORS DO?  <ul><li>R40  </li></ul><ul><li>Complete Trust and Estate Tax Return  </li></ul><ul><li>No p...
TAX DEDUCTION CERTIFICATES R185 <ul><li>Each year in which a distribution is made  </li></ul><ul><li>Final year of the adm...
STEPS TO TAKE <ul><li>Calculate net residuary income  </li></ul><ul><li>Divide income between beneficiaries  </li></ul><ul...
WHAT HAS THE BENEFICIARY RECEIVED?  <ul><li>Nothing – carry forward income  </li></ul><ul><li>More than his share – includ...
WHAT TO CHECK? <ul><li>Do the figures add up?  </li></ul><ul><li>Is the certificate in your name? </li></ul><ul><li>Have y...
WHAT CAN GO WRONG? <ul><li>Construction problems  </li></ul><ul><li>Delay  </li></ul><ul><li>Negligence/rectification  </l...
WHO IS AT FAULT?  <ul><li>Executors  </li></ul><ul><li>Beneficiaries  </li></ul><ul><li>Solicitors  </li></ul><ul><li>Othe...
FEES <ul><li>Solicitors  </li></ul><ul><li>Banks  </li></ul><ul><li>Will-writing companies  </li></ul><ul><li>Lay Executor...
MAKING THE MOST OUT OF LEGACIES  <ul><li>Set procedures  </li></ul><ul><li>Communication  </li></ul><ul><li>Tackling probl...
Upcoming SlideShare
Loading in...5
×

Hempsons: Legact Administration

1,081

Published on

An introduction to legacy administration by charities

Published in: Business, Technology
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,081
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
10
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Transcript of "Hempsons: Legact Administration"

  1. 1. LEGACY ADMINISTRATION – MAXIMISING THE BENEFIT
  2. 2. LEGACY INCOME <ul><li>Vital Funding Source </li></ul><ul><li>£1-9 billion raised in 2008 </li></ul><ul><li>Can represent 80% of voluntary income </li></ul><ul><li>Economic downturn poses threat </li></ul>
  3. 3. CHARITABLE GIVING <ul><li>2/3 regularly give to charity in lifetime </li></ul><ul><li>1/3 make a Will </li></ul><ul><li>15.7% of wills in 2008 charitable </li></ul>
  4. 4. MAXIMISING LEGACIES <ul><li>Check all legacy receipts carefully </li></ul><ul><li>Monitor progress </li></ul><ul><li>Look to the future </li></ul>
  5. 5. TOPICS FOR TODAY <ul><li>The Will – what to look for </li></ul><ul><li>Probate procedure and timescales </li></ul><ul><li>Basic tax – IHT and CGT </li></ul><ul><li>Accounts </li></ul><ul><li>Income tax and tax deduction certificates </li></ul><ul><li>What can go wrong – looking out for fraud </li></ul><ul><li>Assessing fees </li></ul><ul><li>Making the most out of legacies </li></ul><ul><li>Questions </li></ul>
  6. 6. THE WILL <ul><li>No set form </li></ul><ul><li>Must be in writing </li></ul><ul><li>No need to be dated </li></ul><ul><li>No need to be on paper </li></ul><ul><li>Can dispose of almost anything </li></ul><ul><li>Complete testamentary freedom </li></ul>
  7. 7. VALIDITY REQUIREMENTS <ul><li>S9 Wills Act 1837 as amended:- </li></ul><ul><li>“ No Will shall be valid unless:- </li></ul><ul><li>(a) It is in writing, and signed by the testator, or by </li></ul><ul><li>some other person in his presence and by his </li></ul><ul><li>direction; and </li></ul><ul><li>It appears that the testator intended by his signature to give effect to the Will; and </li></ul>
  8. 8. VALIDITY REQUIREMENTS Cont’d <ul><li>the signature is made or acknowledged by the testator in the presence of two or more witnesses present at the same time; and </li></ul><ul><li>each witness either:- </li></ul><ul><li>( i) attests and signs the Will; or </li></ul><ul><li>(ii) acknowledges his signature </li></ul><ul><li>in the presence of the testator (but not necessarily </li></ul><ul><li>in the presence of any other witness), </li></ul><ul><li>but no form of attestation shall be necessary” </li></ul>
  9. 9. WHO MAY MAKE A WILL? <ul><li>Anyone over 18 (unless privileged) </li></ul><ul><li>Intention to make a Will </li></ul><ul><li>Mental capacity </li></ul><ul><li>Free from undue influence </li></ul>
  10. 10. WHAT MAY BE DISPOSED OF BY WILL? <ul><li>Any assets owned by testator except:- </li></ul><ul><li>- some jointly owned assets </li></ul><ul><li>- some pension funds </li></ul><ul><li>- property held in trust </li></ul><ul><li>- donatio mortis causa </li></ul><ul><li>- some foreign assets </li></ul>
  11. 11. COMMON PROBLEMS <ul><li>Will invalidly executed </li></ul><ul><li>Will is lost/unattested alterations </li></ul><ul><li>Contains mistake </li></ul><ul><li>Ademption </li></ul><ul><li>Mis-description </li></ul><ul><li>Legal challenge </li></ul>
  12. 12. EXECUTORS’ POWERS <ul><li>“ Collect and get in” the estate </li></ul><ul><li>Power to sell </li></ul><ul><li>Power to appropriate </li></ul><ul><li>Power to insure </li></ul><ul><li>Power to invest </li></ul><ul><li>Power to appoint nominees </li></ul><ul><li>Power to delegate </li></ul><ul><li>Power to charge </li></ul>
  13. 13. EXECUTORS’ DUTIES <ul><li>Trustee Act 2000 </li></ul><ul><li>Duty of care </li></ul><ul><li>Duty to account </li></ul>
  14. 14. BENEFICIARIES’ RIGHTS <ul><li>Right to due administration </li></ul><ul><li>Right to information </li></ul><ul><li>Right to remove/place PRs </li></ul>
  15. 15. WHAT TO LOOK OUT FOR <ul><li>Always read entire Will – does it make sense? </li></ul><ul><li>Compare with schedule of assets/liabilities </li></ul><ul><li>Check signature/Death Certificate </li></ul><ul><li>Executors – professional or lay? </li></ul><ul><li>Who are beneficiaries – family/charity? </li></ul><ul><li>Are there foreign assets? </li></ul>
  16. 16. PROBATE PROCEDURE <ul><li>Some starting points:- </li></ul><ul><ul><li>Time of bereavement </li></ul></ul><ul><ul><li>Who contacts you? </li></ul></ul><ul><ul><li>Family? </li></ul></ul><ul><ul><li>Professional? </li></ul></ul><ul><ul><li>The beneficiaries – who are they? </li></ul></ul><ul><ul><li>Communication is key </li></ul></ul>
  17. 17. THE WILL <ul><li>Where is it? </li></ul><ul><li>Funeral wishes </li></ul><ul><li>Who can see it? </li></ul><ul><li>Home-made/professionally drawn? </li></ul><ul><li>Executors –professional/lay? None? </li></ul><ul><li>Problem assets </li></ul><ul><li>Construction issues </li></ul><ul><li>Possible legal claim? </li></ul>
  18. 18. THE ASSETS <ul><li>Sole or joint? </li></ul><ul><li>Valuations </li></ul><ul><ul><li>Shares </li></ul></ul><ul><ul><li>Property </li></ul></ul><ul><li>Protection of assets </li></ul><ul><li>Tax/variation issues </li></ul>
  19. 19. GRANT OF PROBATE <ul><li>Is it necessary? </li></ul><ul><li>Inland Revenue account </li></ul><ul><li>Oath </li></ul><ul><li>IHT loans </li></ul><ul><li>Timescales </li></ul>
  20. 20. ONCE THE GRANT IS OBTAINED <ul><li>Trustee Act Notices </li></ul><ul><li>Pay debts </li></ul><ul><li>Pay legacies </li></ul><ul><li>Realise assets </li></ul><ul><li>Claims </li></ul><ul><li>Consider Deed of Variation </li></ul>
  21. 21. TAX <ul><li>IHT/CGT – who to sell? </li></ul><ul><li>– exemptions </li></ul><ul><li>Appropriation </li></ul><ul><li>Deduction of costs </li></ul><ul><li>– IRC -v- Richards’ Executors </li></ul><ul><li>Reliefs – shares – 1 year </li></ul><ul><li>property – 4 years </li></ul><ul><li>Penalties </li></ul>
  22. 22. TAX RETURNS/ACCOUNTS <ul><li>Tax to date of death </li></ul><ul><li>Estate administration return </li></ul><ul><li>Estate accounts </li></ul><ul><li>Corrective Accounts </li></ul><ul><li>Tax Clearance </li></ul>
  23. 23. WINDING UP <ul><li>Approval of Estate Accounts </li></ul><ul><ul><li>Receipts and indemnities </li></ul></ul><ul><li>Distribution </li></ul><ul><li>Tax Deduction Certificates </li></ul><ul><ul><li>- R185E (Estate Income) </li></ul></ul>
  24. 24. BASIC TAX <ul><li>Inheritance Tax – IHT </li></ul><ul><li>Capital Gains Tax – CGT </li></ul>
  25. 25. INHERITANCE TAX <ul><li>A direct tax on transfers of value </li></ul><ul><li>Lifetime transfers </li></ul><ul><ul><li>“ PETs” </li></ul></ul><ul><ul><li>Chargeable transfers </li></ul></ul><ul><li>Transfer on death </li></ul>
  26. 26. WHAT IS TAXABLE? <ul><li>Share of joint property </li></ul><ul><li>Interest in trust </li></ul><ul><li>Life policies </li></ul><ul><li>Gifts with reservation </li></ul>
  27. 27. EXCLUSIONS:- <ul><li>Property outside UK (if non-UK domiciled) </li></ul><ul><li>Reversionary interests </li></ul><ul><li>Certain life/pension policies in trust </li></ul>
  28. 28. EXEMPTIONS AND RELIEFS <ul><li>Gifts between spouses </li></ul><ul><li>Gifts to charity </li></ul><ul><li>Gifts for National Purposes/National Heritage </li></ul><ul><li>Small lifetime gifts </li></ul><ul><li>Relief for business/agricultural property </li></ul><ul><li>Quick Succession Relief </li></ul>
  29. 29. POTENTIALLY EXEMPT TRANSFERS (“PETs”) <ul><li>Taper relief </li></ul><ul><li>Reduces tax payable not value of the gift </li></ul>
  30. 30. HOW TO CALCULATE IT? <ul><li>Current threshold - £325,000 </li></ul><ul><li>0 - £325,000 – NIL </li></ul><ul><li>Over £325,000 – 40% </li></ul>
  31. 31. S41 INHERITANCE TAX ACT 1984 <ul><li>“ Notwithstanding the terms of any disposition:- </li></ul><ul><li>None of the tax on the value transferred shall </li></ul><ul><li>fall on any specific gift if or to the extent that the </li></ul><ul><li>transfer is exempt with respect to the gift, </li></ul><ul><li>AND </li></ul><ul><li>(b) None of the tax attributable to the value of the property comprised in residue shall fall on any gift of a share of residue if or to the extent that the transfer is exempt with respect to the gift” </li></ul>
  32. 32. EFFECT OF S41:- <ul><li>Gross up legacies exceeding tax band </li></ul><ul><li>If residue is split charitable/non-charitable:- </li></ul><ul><li>- charitable share will pay tax on legacies </li></ul><ul><li>- charitable share won’t pay tax on share of </li></ul><ul><li>residue </li></ul>
  33. 33. BENHAM:- <ul><li>“ as to the residue …… to pay the same to those beneficiaries as are living at my death and who are listed in List A and List B hereunder written in such proportions as will bring about the result that the aforesaid beneficiaries named in List A shall receive 3.2 times as much as the aforesaid beneficiaries named in List B …..” </li></ul>
  34. 34. WHEN IS IT PAYABLE? <ul><li>6 months after end of month of death </li></ul><ul><li>Instalment option may apply </li></ul><ul><li>clearance certificates </li></ul>
  35. 35. CAPITAL GAINS TAX <ul><li>A capital tax on the disposal of capital assets producing a gain </li></ul><ul><li>Not payable on death transfers to legatees/trustees </li></ul>
  36. 36. SALES BY EXECUTORS <ul><li>Annual exemption of deceased available for tax year of death and the next 2 tax years </li></ul><ul><li>18% rate </li></ul><ul><li>Base cost is value at death </li></ul>
  37. 37. EXEMPTIONS <ul><li>Disposal of Government Stock </li></ul><ul><li>Transfers between spouses </li></ul><ul><li>Disposal by charities </li></ul><ul><li>Main residue exemption ceases on death </li></ul>
  38. 38. CALCULATING THE TAX <ul><li>Sale value </li></ul><ul><li>Less - base cost </li></ul><ul><li>- allowable expenditure </li></ul><ul><li>- costs deduction </li></ul><ul><li>- annual exemption </li></ul><ul><li>Multiplied by rate of tax (18%) </li></ul><ul><li>Appropriation </li></ul>
  39. 39. VARYING A WILL <ul><li>Deed of Variation </li></ul><ul><li>Disclaimer </li></ul>
  40. 40. WHY VARY? <ul><li>Make use of nil-rate band </li></ul><ul><li>Compromise a claim </li></ul><ul><li>Make Will more tax effective </li></ul>
  41. 41. WHO CAN VARY? <ul><li>Beneficiaries giving up entitlement </li></ul><ul><li>Executors </li></ul><ul><li>Minors/mentally incapable excluded </li></ul>
  42. 42. THE TAX EFFECTS <ul><li>S142 IHTA 1984 </li></ul><ul><li>S62 TCGA 1992 </li></ul><ul><li>Income tax – not retrospective </li></ul>
  43. 43. TIME LIMITS <ul><li>Within 2 years of death </li></ul><ul><li>Election for tax within 6 months of Deed </li></ul>
  44. 44. ESTATE ACCOUNTS <ul><li>S25 AEA 1925 as amended </li></ul><ul><li>“ When required to do so by the Court, exhibit on Oath in the Court a full inventory of the estate and when so required render an account of the administration of the estate to the Court”. </li></ul>
  45. 45. WHEN SHOULD THEY BE PREPARED? <ul><li>Before major distributions </li></ul><ul><li>Each tax year </li></ul><ul><li>At end of administration </li></ul>
  46. 46. WHO IS ENTITLED TO SEE THEM? <ul><li>Executors </li></ul><ul><li>Residuary beneficiaries </li></ul><ul><li>Legatees? </li></ul>
  47. 47. WHO SHOULD APPROVE THEM? <ul><li>Executors </li></ul><ul><li>Beneficiaries </li></ul><ul><li>Indemnities </li></ul>
  48. 48. FORMAT <ul><li>Narrative </li></ul><ul><li>Balance sheet </li></ul><ul><li>Estate Account </li></ul><ul><li>Administration Account </li></ul><ul><li>Income Account </li></ul><ul><li>Distribution Account </li></ul><ul><li>Schedules/Notes </li></ul>
  49. 49. CHECKLIST <ul><li>Check assets and liabilities </li></ul><ul><li>Check administration expenses </li></ul><ul><li>Check legal fees </li></ul><ul><li>Check Inheritance Tax </li></ul><ul><li>Check Income Account/R185 </li></ul>
  50. 50. INCOME TAX <ul><li>Pre-death </li></ul><ul><li>Post-death </li></ul>
  51. 51. INCOME AFTER DEATH <ul><li>Interest on savings accounts </li></ul><ul><li>Dividends </li></ul><ul><li>Rental income </li></ul><ul><li>Interest on client account </li></ul>
  52. 52. WHAT IS NOT INCOME? <ul><li>Refunds </li></ul><ul><li>Premium bond prizes </li></ul><ul><li>Encashment of assets </li></ul>
  53. 53. WHAT SHOULD THE EXECUTORS DO? <ul><li>R40 </li></ul><ul><li>Complete Trust and Estate Tax Return </li></ul><ul><li>No personal allowance </li></ul>
  54. 54. TAX DEDUCTION CERTIFICATES R185 <ul><li>Each year in which a distribution is made </li></ul><ul><li>Final year of the administration </li></ul><ul><li>Distribution includes appropriation </li></ul>
  55. 55. STEPS TO TAKE <ul><li>Calculate net residuary income </li></ul><ul><li>Divide income between beneficiaries </li></ul><ul><li>Compare net income with amount actually received </li></ul>
  56. 56. WHAT HAS THE BENEFICIARY RECEIVED? <ul><li>Nothing – carry forward income </li></ul><ul><li>More than his share – include all income on certificate </li></ul><ul><li>Less than his share – include income equal to distribution and carry forward balance </li></ul>
  57. 57. WHAT TO CHECK? <ul><li>Do the figures add up? </li></ul><ul><li>Is the certificate in your name? </li></ul><ul><li>Have you received one for each tax year you received a distribution? </li></ul><ul><li>Has it been signed? </li></ul>
  58. 58. WHAT CAN GO WRONG? <ul><li>Construction problems </li></ul><ul><li>Delay </li></ul><ul><li>Negligence/rectification </li></ul><ul><li>Fraud </li></ul><ul><li>High fees </li></ul>
  59. 59. WHO IS AT FAULT? <ul><li>Executors </li></ul><ul><li>Beneficiaries </li></ul><ul><li>Solicitors </li></ul><ul><li>Other third parties </li></ul>
  60. 60. FEES <ul><li>Solicitors </li></ul><ul><li>Banks </li></ul><ul><li>Will-writing companies </li></ul><ul><li>Lay Executors </li></ul>
  61. 61. MAKING THE MOST OUT OF LEGACIES <ul><li>Set procedures </li></ul><ul><li>Communication </li></ul><ul><li>Tackling problems early </li></ul><ul><li>Pooling resources </li></ul><ul><li>Seeking professional advice where appropriate </li></ul><ul><li>Follow-up </li></ul><ul><li>“ New for old” </li></ul>
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×