Tax planning news

Executors offered a helping hand

7 August, 2007

Only 40 per cent of Brits have a written a will denoting what exactly will happen to their assets and personal effects once they pass away. Most often the person trusted as executor of this will is a valued friend or close relative, but it can be a big responsibility at a stressful time, especially so if issues of estate administration rear their heads.

Skipton Building Society recognises this need for support when dealing with such a difficult task and has put in place an estate administration and trust services to help make the process a lot easier for all involved.

Steve Aldous, Skipton’s sales & marketing manager, said: “Being an executor comes with lots of legal implications, such as identifying everyone who is entitled to a share of the estate (as they may not all be listed in the will), being personally liable should money be paid to the wrong beneficiary or ensuring all debts, liabilities, taxes and the funeral costs are paid.

“If someone’s estate is quite complex, for example if they re-married, had children from a previous relationship, or owned more than one property, the pressure to get everything right can be even greater – which can create a lot of additional stress at a time of bereavement.

“Our new estate administration service aims to take away some of that pressure by helping the executor apply for probate, sort out the deceased’s affairs and distribute the estate. Or, if the person writing the will doesn’t want to burden their friends or family with the task, Skipton can be named as the sole executor and do everything from start to finish.”

The service is available from all of Skipton’s branches across the country. Key features include the ability to set up and manage a trust when one partner dies, arrange finance to cover the initial costs of inheritance tax, help with the sale of any property, and offer professional indemnity insurance.