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The Kings Court Trust Blog

Keeping you up-to-date with Wills, probate and estate administration industry news

Inheritance Tax investigations: Executors liable for mistakes

on Aug 5, 2019 2:49:26 PM By | Kings Court Trust | Executors Inheritance Tax
HM Revenue and Customs (HMRC) opened a staggering 5,537 Inheritance Tax investigations in the 2018-2019 tax year, which is a 3.4% increase in comparison to the previous 2017-2018 tax year. To put this number into perspective, this equates to nearly a quarter (23%) of the 22,000 estates where Inheritance Tax is due. With such an incredibly high proportion of estates affected, it raises concerns about whether those responsible for paying Inheritance Tax are aware of the risks if they make mistakes.
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The risks and responsibilities of an Executor or Administrator: How to avoid a hefty Inheritance Tax bill

A recent article from the Telegraph revealed how a personal representative was left with a staggering Inheritance Tax (IHT) bill of £341,278 when he was administering a £1.2 million estate. Mr Harris misguidedly distributed the assets to the beneficiaries before all of the Inheritance Tax had been paid. He did this with the understanding that one beneficiary (who received the majority of the estate) would pay any Inheritance Tax that was still owed. However, this did not happen as the beneficiary left the country without paying, leaving Mr Harris to foot the bill.
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The Responsibilities of Becoming an Executor

on Sep 7, 2015 9:00:00 AM By | Kings Court Trust | Blog Executors KCT
Here at Kings Court Trust (KCT), we are often asked about the responsibilities of becoming an executor and what this actually entails. 
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What Not to Do When Estate Planning

With new Inheritance Tax (IHT) rules having been announced as part of the Government’s summer Budget, estate planning and the way in which assets are managed are in the news once again. IHT should be a prime consideration when planning how your estate is distributed and the recent rule changes are likely to lead to a number of people re-thinking their Wills should their estates be effected.
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DIY Probate - Did You Know…?

on Jan 22, 2013 9:00:00 AM By | Kings Court Trust | Blog DIY Probate Executors Personal Liability
Are you the Personal Representative (PR) of someone’s estate?
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Why is Executor Choice Important?

Having a Will in place is essential to ensure your property and assets are distributed according to your wishes after you pass away. It is also important to carefully choose the Executor(s) of your Will.
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DIYers - Beware of Tax Penalties for Innacuracy

Grace Li is Tax Manager at Kings Court Trust and explains what it means to be the Personal Representative of someone’s estate and what you should be aware of when it comes to submitting Inheritance Tax (IHT) forms and other documents to HM Revenue & Customs (HMRC).
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As an Executor, am I Personally Liable?

on Sep 26, 2012 9:00:00 AM By | Kings Court Trust | Estate Administration Blog Executors
The short answer is, yes.  Executors are legally responsible for dealing with the deceased’s estate.  This typically involves applying for a Grant of Probate, administering the estate and distributing the assets to those persons entitled.
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The 'Tell Us Once' Service

The ‘Tell Us Once’ Birth and Bereavement service was developed jointly by local authorities and central government, and was implemented in over 96 per cent of councils nationwide towards the end of 2011.  The ‘Tell Us Once’ service enables customers to inform government just once about a birth or death and for this information to then be shared (with their consent) across other government services.
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