Mrs A’s husband had recently died following a long, serious illness. Mrs A had been under enormous pressure coping with this and was understandably very tired. She was the sole executor named in the Will and the only beneficiary. She needed advice as to what to do as she had never done anything like this before, was worried about Inheritance Tax and how she sorted everything out. She was also concerned about how much it would cost to deal with it all.
She came in to see me and brought along all of her husband’s papers, which we went through together. I was able to put her mind at rest very quickly by telling her that she need not worry about Inheritance Tax; her husband’s estate went to her and as this was a transfer to a spouse, the gift was exempt. Furthermore, his estate fell within the Inheritance Tax threshold, only a short form account to the Revenue would be required.
A Grant of Probate would be needed to encash or transfer assets to her because of the type of assets involved. Again, I was able to go through the procedure for obtaining this, what her responsibilities and obligations as an Executor were and explained that it was far simpler than she feared.
As one of Mrs A’s main concerns was costs, particularly our fees if she were to instruct me, I went through exactly how I could help, what she could do herself in order to minimise the time I would have to take. I gave her full details of the charges and a likely estimate as to what I believed my final fee would be.
Mrs A instructed me to obtain the Grant for her and write to some of the organisations in order to obtain some information. She collated the rest and provided it to me. I then completed the papers that she needed in order to make the application. I sent this to the Court and extracted the Grant. I then put Mrs A in touch with a Financial Advisor in order for her to make decisions as to what to do with the assets.