The following Wills & Probate guidance note provides comprehensive and up to date legal information covering:
In administering the assets of an estate, there are some assets and liabilities that can be easily overlooked and apart from checking whether these exists the personal representatives need to make decision on which assets to deal with first as well as dealing with matters that they may discover affected the deceased in their lifetime such as litigation.
The deceased may have been a beneficiary of a trust or an estate still in the course of administration and their interest may vest in the personal representatives (PRs) on death.
There are a number of forms of trust that may have included the deceased as a beneficiary, namely:
discretionary trust—where the PRs are aware that the deceased was a member of a class of potential beneficiaries they should notify the trust trustees of the death and any trust property that the deceased may have had retuned but as the deceased had no interest in possession no further action by the PRs is required
interest in possession trusts—such trusts present a more complicated issue and at death the PRs should ensure:
all accrued income is paid over
all necessary income apportionments have been calculated and discharged
tax deduction certificates obtained in respect of any income due to the deceased up to the
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