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Financial advice in estate administration

John Bunker discusses the financial and tax issues that can arise in estate administration and how providing advice on these matters can help build better relationships with clients

4 May 2016

ISAs have been very much
in the news recently, particularly the new lifetime ISA introduced in the March 2016 Budget. Another significant announcement was the extension of the special tax status of ISAs to the period from the date of death.

Draft legislation is included in the Finance Bill 2016, enabling new provisions for income tax and capital gains tax (CGT) to be brought in by secondary legislation. While we will await that detail later, it is worth reflecting on how this fits into administering estates.Financial issues often arise alongside tax ones, as with the ISA changes, and mean estates need some form of financial advice.

Investment portfolio

Estates that include a portfolio of investments mean choices for personal representatives (PRs) as to what to sell (for example,
to provide cash to meet tax, liabilities, and legacies) and
what can be transferred to beneficiaries. That can be
dealt with as ...

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