This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Executor responsibilty

birdsong
Posts:14
Joined:Sun Dec 21, 2014 12:07 pm
Executor responsibilty

Postby birdsong » Mon Sep 25, 2017 9:34 pm

I have agreed to act as executor for an elderly relative who has early dementia. In reading on line advice I note that on her death I will be responsible for reporting any gifts she may have made in excess of £3000 in the 7 years prior to her demise. In the event that I am not informed of all such gifts she may have made, how can I best keep track of them; and would I bear any personal financial responsibly if through lack of information I could not report them.
Are there any public records of gifts I could consult?

Lee Young
Posts:2707
Joined:Wed Aug 06, 2008 3:26 pm
Contact:

Re: Executor responsibilty

Postby Lee Young » Tue Sep 26, 2017 3:40 pm

You will have to make reasonable enquiries, including reviewing the bank statements to determine whether they might have been any gifts.
Lee Young
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner


Partner, Frettens LLP
lyoung@frettens.co.uk
01202 491701

AGoodman
Posts:1745
Joined:Fri May 16, 2014 3:47 pm

Re: Executor responsibilty

Postby AGoodman » Wed Sep 27, 2017 10:51 am

Also sensible to ask people who are likely to have received gifts (usually just family).


Return to “Inheritance Tax, IHT, Trusts & Estates, Capital Taxes”