We will draw up a full schedule of debts that must be paid from the proceeds of the Estate, including Mortgages, Income and Capital Gains Tax, Bills, Credit Cards and Loans. We deal with all of the forms required by HM Revenue and Customs so that it can be established whether any Inheritance Tax is payable or if any Income Tax is due to be rebated to the estate.
We will of course complete the Probate forms required by the Probate Registry. When Inheritance Tax is due the Executor’s Account of the Estate is passed to HM Revenue and Customs and the Grant of Probate cannot be issued until the Tax is paid. There will be circumstances where part of the Estate has to be sold to pay the Tax and if this is the case we will help you to deal with the Banks who can arrange loan facilities to enable the Tax to be paid straight away.
On receipt of the Grant we will send it to everyone who owes money to the Estate. The Executors now have legal authority to pursue any debts owing to the Estate and realise the assets of the Estate.