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We provide bespoke, strategic private wealth & tax advice for high-net-worth individuals and their families, trustees, financial institutions and family offices. Our clients appreciate our expert guidance and forward-thinking strategies for today’s global landscape.
Private Wealth & Tax
Quastels’ private wealth team offers expert advice on tax, trusts and succession planning for wealthy individuals and their families. We navigate complexity with confidence, working hard to protect our clients’ wealth while securing their legacy for future generations. We advise UK residents, non-domiciled individuals, trustees, executors and anyone looking to safeguard assets across jurisdictions. We deliver solutions that are technically robust and client-focused. We are experts in complex cross-border structures, offshore trusts, and a variety of asset classes including property and also crypto-assets.
Our partner-led approach ensures that our clients’ wealth is not only protected today but structured in a way that benefits generations to come. We focus on delivering strategic, pragmatic solutions that align with our clients’ ultimate goals. Our team includes members of STEP (TEP), the Law Society’s Tech London Advocates Blockchain Working Group and Citywealth Top 50 FinTech, TMT and AI Lawyers.
At Quastels we are known for providing excellent and thoughtful guidance for our clients. Our conscientious private wealth specialists have a pragmatic and personable approach.
Private Wealth & Tax
We are known for delivering the same sophisticated service as the largest global firms, but with a distinct difference: a solutions-driven approach that is tailored to the unique needs of high-net-worth individuals. Our guidance is distinctly clear, confident and collaborative, combining expertise with a personal touch.
We understand that private client advice does not work in isolation. Our focus is on long-term relationships, working with several generations to ensure that legacies are not just preserved but enhanced.
With Quastels, we provide exceptional legal advice and also act as a trusted partner in securing wealth over the years.
Drawing from across our firm, we are able to deliver the very best, complete service, ensuring our clients are protected, guided and supported throughout the process.
Private Wealth & Tax
Our reputation for exceptional advice and proven track record in all private wealth matters sets us apart from other firms.
Private Wealth & Tax
Probate is the legal process whereby a deceased individual’s estate is administered.
The principal stages during the administration of the estate include:
1. Valuing the assets and liabilities within the estate as at the date of death;
2. Reporting the value of the estate to HMRC and paying inheritance tax (IHT), if required;
3. Applying for the Grant of Probate;
4. Collecting in the estate assets and settling estate liabilities; and
5. Distributing the estate to the beneficiaries.
The value of assets for probate purposes is the value as at the date of death.
When valuing property, it is recommended to obtain a red book valuation of the property as at the date of death.
If, however, you are valuing personal possessions such as jewellery, the value included is the market value as at the date of death, not the insurance value. It is also recommended that a professional valuation of any jewellery, or valuable possessions, is obtained.
When valuing shares and investments, it is the value of those holdings as at the end of the day on the date of death that is required.
When the estate must be reported to HMRC, the executors need to complete an IHT return, known as an IHT400.
The IHT400 and enclosed schedules will set out the value of the deceased’s assets and any outstanding liabilities.
Any applicable IHT reliefs or exemptions will be applied to the gross value of the estate and the IHT due will be calculated and paid to HMRC. IHT is ordinarily paid in advance of applying for probate subject to the availability of the option to pay by instalments.
The executors will make an application to the Probate Registry for a Grant of Probate. If the estate is taxable the executors will not be able to apply for Probate until HMRC have accepted that all IHT has been paid.
The Grant of Probate is the document that confirms the individuals who are legally entitled to administer the estate. Once this has been obtained, the executors are able to begin collecting in the estate assets and settling any liabilities.
The executors will provide a copy of the Grant of Probate to any asset holders and request that the deceased’s assets are sold, liquidated or transferred.
Once all assets are collected in, any outstanding liabilities will be settled from the deceased’s estate funds before the estate can be finalised and distributed.
Before the estate is distributed, the executors must confirm that all of the deceased’s creditors have been located and any debts are settled. The executors must place a newspaper notice to creditors, also allow six months from the estate for any claimant against the estate to come forward. The executors must also ensure that the deceased’s tax affairs have been finalised, including settling all IHT, income tax and capital gains tax.
The residuary estate can only be distributed to the beneficiaries in accordance with the deceased’s Will once the estate has been finalised.
It is important to note, that the above stages are based on the assumption that the deceased left a valid Will appointing executors to deal with their estate. If there is not a valid Will, otherwise known as an intestacy, the process to administer the estate will be slightly different.
Please contact us if you have any further questions.
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