Traps And Tripwires For The Modern Executor
Why your clients need an LPA (and what happens if they don’t have one)
Are the days of the “lay” executor numbered?
Traps and tripwires for the modern executor:
- Common misunderstandings
- Locating all the assets (and distributing them) and liabilities
- The importance of insurance and valuations
- Dealing with HMRC, missed exemptions and calculating IHT
- The DWP and the executor’s obligations
- Debts – and why they matter
- The importance of estate accounts
Claims against estates:
- The Executor’s role when a claim is made
The implications of loss caused by executor error:
- Personal liability … Who pays?
What is the value of half a house for IHT purposes?:
- Another reason why Discretionary Trusts are better….
The ever present threat of the “disappointed beneficiary…..”:
- Missing beneficiaries!
Why your clients need an LPA (and what happens if they don’t)
- Why LPAs are so important
- Options available when clients have already lost capacity
- The costs and implications of loss of capacity without having an LPA in place
- The process for Court of Protection applications
Do your clients understand the risks of acting as Executor?
Do your clients understand how difficult and costly the process of applying for Deputyship can be?
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This article was submitted to be published by Countrywide Tax & Trust Corporation Ltd as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.