Gerald (56) had been a longstanding client of our practice at the time of his elderly mother, Dorothy, passing away.
Dorothy had left an Estate of listed shares, direct property, cash and other sundry assets to Gerald and his older sister Kathy and both were Executors of the Estate.
Whilst Gerald understood the basics of being an Executor, and the duties he and his sister were required to discharge, neither he nor Kathy had any previous experience in administering an Estate and felt overwhelmed by the many potential pitfalls involved.
More specifically, Gerald had heard horror stories from friends in similar situations, where large amounts of capital gains tax had been triggered unnecessarily in the wind up of Estates, in addition to the process dragging on for years – an outcome he wished to avoid.
To ensure that Gerald and his sister Kathy were working in the same direction in the wind up of the Estate, we initially sat down with them both to highlight potential issues and discuss the various strategies that could be adopted to transition wealth effectively and smoothly.
As a result of our meeting Kathy agreed to also engage our services, and through personal advice to each of the siblings we were able to work with other professional advisers (such as their solicitor) to put in place strategies that would ensure;
- Estate assets transferred without incurring unnecessary taxes and costs (this included dividing ownership of assets and transferring legal ownership to each beneficiary).
- Correct financial records were established and maintained for each beneficiary
- The Estate was finalised in a timely manner
- Ultimately, our advice helped to alleviate much of Gerald and Kathy’s anxiety at an already stressful time whilst maximising the proceeds they each received from their mother’s Estate