• February 21, 2024
 Traps And Tripwires For The Modern Executor

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?

Register now to join our experts in this free webinar!

Friday 14th June

Monday 17th June

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.

 

CTT Group

http://www.countrywidegroup.co.uk/

  CTT Group is an established Legal Services firm providing multi-disciplinary support for the UK’s Professional Adviser community. Their expertise spans multiple areas of Law, Estate Planning, Finance and Tax matters. CTT Group is recognised as a leading figure in the industry due to their wealth of experience and technical knowledge in the legal and financial sectors. CTT Group is made up of six areas: CTT Professional Services: A specialised knowledge hub designed for the Professional Adviser community and CTT Group members. The Professional Services team will provide you with a bespoke training and support package to suit any business. This includes the New entrants team, Training, Estate Planning Team, Professional Indemnity Insurance Service & the Resource Hub. CTT Tax and Trust: a premium support system for the Professional Adviser community, providing professional executor and Trustee services. They specialise in Estate Planning, Tax and Trust matters and have a wealth of knowledge and experience in delivering the right solutions for your clients. CTT Legacy Software: Ground-breaking legal software that will change how you work. Legacy was explicitly designed with you and your business in mind, so it will seamlessly align with your needs. It can also be tailored to suit your business needs, giving you complete control over your client journey. CTT Legal: Providing innovative and modern solutions to even the most complex legal problems. CTT Legal offer comprehensive Legal advice alongside CTT Law; an SRA-regulated law firm and strategic partner of CTT Group. This includes Residential and Commercial Conveyancing, Litigation, Document production, Client care, Professional Executor & Professional Executor. CTT Accountancy: A newly established Accountancy firm that will work in partnership with you and your business. CTT Accountancy is a practice of highly skilled and experienced accountants with expertise in trust matters, uniquely positioned to offer your clients a range of accounting services, whatever their needs. CTT Private Client: Offering individual professional advice to high-net-worth individuals with various financial situations. Their specialist team have a wealth of knowledge and will work with you to understand your requirements and provide bespoke advice. Click here for more information: https://ctt-group.co.uk/ Contact: CTT Group Tel: 01926 514 390 Email: enquiries@ctt-group.co.uk Address: CTT Group, Gables House 62 Kenilworth road Leamington Spa CV32 6JX