Once the Grant has been issued by the Probate Registry the distribution of the Estate can commence and the following are amongst the issues that may need to be considered.
- Realising monies held in bank accounts, etc.
- Deciding whether certain assets should be sold or distributed between beneficiaries without being sold and their value taken into account in respect of any beneficiaries entitlement
- Consider making “Section 27 advertisements”:-
- These protect Executors from claims by unknown creditors of the Estate who emerge after the Estate has been distributed (otherwise an Executor may be personally liable to pay these sums).
- Agree with the Revenue Authorities the income tax/capital gains tax position at death (filing tax a return where necessary).
- Ensure that there has been no under or over payment of income to the deceased at the date of death. Claims for recoupment of state benefits allegedly overpaid are becoming increasingly common and a knowledge of the benefits system is needed to deal with those.
Once “clearance” has been gained from the tax authorities and the time limits required pursuant to the Section 27 Notices have expired the Estate may be distributed. In large Estates where an administration is protracted for some reason we may advise an earlier “interim “ distribution.
- We will prepare Estate Accounts verifying the assets in the Estate, all income received during the administration period and all payments made out for payment of debts, tax and distribution to the beneficiaries.
- We are also able to advise as to:-
- The position if an Estate becomes disputed perhaps because a claim as to a Will’s validity or a claim from a disappointed dependent (see separate detailed note).
- Beneficiaries will sometimes wish to re-arrange the distribution of an Estate amongst themselves – for a variety of reasons including tax mitigation on their own estates. This is known as a “Deed of Variation”.
- We will provide residuary beneficiaries with a tax certificate IR185E1. to enable them to account to the Revenue for any tax due on income received from the Estate
- We are able to advise and assist as to the formation and administration of Trusts arising from Wills
- We are able to assist beneficiaries with a review of their affairs including a financial review, review of your tax situation and appropriate revision of your Will and Lasting Power of Attorney (see separate note).