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Eight things executors need to know

Rosie Carr offers pointers for working your way through inheritance tax returns and probate
Eight things executors need to know
  • It can take more than 100 hours of work to sort out an estate
  • Executors can be held personally liable for mistakes

For thousands of executors-to-be the task of sorting out a loved one’s estate is about to become a whole lot easier, thanks to the government’s promise to sweep away reams of paperwork for most estates. Each year around 25,000 estates in the UK have to pay inheritance tax (IHT), but a further 250,000 currently have to jump through onerous and time-consuming hoops to establish that they don’t.

Not everyone’s off the hook, though, and for many the job of gathering every last detail of a friend's or relative’s financial affairs, completing as many as 25 different forms and grappling with tax legislation, will remain unchanged.

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