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For more information, go to www.arthritisresearchuk.org

Collecting the assets

A set of house keys and coins on a pil of documentsCollecting your loved one’s assets can be a daunting task. Assets can include:

  • personal possessions
  • shareholdings
  • bonds
  • intellectual property rights
  • property
  • vehicles
  • any foreign assets
  • any digital assets.

Professional asset searching companies can help you check that you’ve located all of your loved one’s assets, for a small fee.

Property

If your loved one has a property to sell, it’s a good idea to get two valuations from local estate agents. These valuations only need only to be a single sentence letter or email. You should then give the valuations to each of the residuary beneficiaries.

It’s advisable to keep the residuary beneficiaries informed when selling major assets of the estate. They may even be able to help if they’ve had experience of dealing with similar situations before.

Before completing the sale of the property, check that the agreed sale price doesn’t give rise to any capital gains tax. If it does, and there are charitable residuary beneficiaries, you should contact them about possibly appropriating the property to prevent any liability from capital gains tax from arising.

See www.gov.uk more information about capital gains tax.

Shareholdings

Before selling the shareholding, check that the sale price doesn’t give rise to any capital gains tax. If it does, and there are charitable residuary beneficiaries, you should contact them about possibly appropriating the shareholding to prevent any liability from capital gains tax from arising.

See www.gov.uk more information about capital gains tax.

Foreign assets

If your loved one held assets in a foreign country, for example a bank account or a property, seek specialist help from a dual-qualified solicitor. A dual-qualified solicitor is qualified to practice in the UK and the country in which the asset is located.

Alternatively, ask a local solicitor to put you in contact with a solicitor based in the country where the asset is located.

Inheritance tax

Inheritance tax is payable on estates where the gross estate exceeds the nil rate band threshold (the cap placed on the value of the estate over which inheritance tax must be paid). Please check www.gov.uk for details of the latest nil rate band.

It’s possible to transfer a nil rate band between spouses on the death of the second spouse if the whole nil rate band wasn’t used on the death of the first spouse.

If your loved one made substantial gifts during the last seven years of their life, these gifts may also have to be included in the calculation for inheritance tax.

Inheritance tax, income tax, capital gains tax and all the possible reliefs that may apply can be difficult to understand. We’d strongly recommend that you seek advice from an accountant with any estate taxation issues you may have.

If you decide to instruct an accountant to assist you with the tax issues or prepare a simple statement of income and expenditure (estate accounts), their reasonable costs can be recovered from your loved one’s estate.

Need some help?

If we can support you in any way, please contact:

Catherine Whitehead, legacy administrator, on c.whitehead@arthritisresearchuk.org
or 01246 541 156
Anna Draper, legacy administration manager, on a.draper@arthritisresearchuk.org or 01246 541 113.

Back to Information for executors
For more information, go to www.arthritisresearchuk.org.
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