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Executor Duties & Probate Made Simple

FREE UK Property Tax Training Course: Free UK Property Tax Course Website: https://www.optimiseaccountants.co.uk/    • Free Buy To Let Property Tax Training Course   Free Updated Property Tax eBook: https://survey.zohopublic.com/zs/qhCNLB YouTube Channel:    / @optimise-accountants   Free LEGACY: Succession & Inheritance Tax Planning eBook: https://survey.zohopublic.com/zs/iPCINr Find Property Sources, Joint Venture Partners, Trades People, and other Professionals that support Landlords & Property Developers: https://www.optimiseaccountants.co.uk... UK Expat Tax Tips (Moving To or From the UK):    / @optimise-accountants-uk-us-tax   Executor Duties & Probate Made Simple – A Step-by-Step Guide for High-Net-Worth UK Estates Acting as an executor can be one of the most important — and challenging — responsibilities after someone passes away. For wealthy UK families, the stakes are even higher, with complex inheritance tax (IHT) calculations, probate applications, and multi-jurisdictional assets to manage. This guide, created by Optimise Accountants, walks you through the full process with clarity, confidence, and compliance. You’ll learn how to value estate assets accurately, complete the correct IHT forms (such as IHT400 or IHT205), apply for probate, settle debts, and distribute inheritances — all while avoiding the costly mistakes that can delay estate administration or trigger HMRC penalties. We cover the latest HMRC rules, the £325,000 nil rate band, the £175,000 residence nil rate band, and how business property relief (BPR) and agricultural property relief (APR) can significantly reduce tax bills. Our approach is practical and legally robust, referencing the Inheritance Tax Act 1984, the Administration of Estates Act 1925, and recent case law. We’ll also address common executor stress points: disputes between beneficiaries, delays in asset transfers, errors in HMRC submissions, and how to avoid personal liability. Whether you’re already named as an executor or planning your own estate to make life easier for your loved ones, this video gives you the insight and strategies needed to manage probate efficiently. With clear examples and solutions, we show how proactive tax and legacy planning can preserve more wealth for future generations. Call to Action: If you want to safeguard your legacy and reduce your family’s tax burden, book a private consultation with Optimise Accountants today. 2. 10 Legal, Financial & Tax Problems 1. Incorrect asset valuations — leading to overpaid IHT (Inheritance Tax Act 1984, s.160). 2. Missing probate deadlines — delaying estate distribution (Non-Contentious Probate Rules 1987). 3. Failure to claim reliefs — such as BPR and APR (IHTA 1984, ss.104–114). 4. Not utilising residence nil rate band — missing out on up to £175,000 tax-free allowance. 5. Inaccurate HMRC forms — resulting in penalties (Finance Act 2009, Sch 55). 6. Beneficiary disputes — delaying asset distribution (Administration of Estates Act 1925). 7. Personal liability for debts — if assets are distributed prematurely. 8. Unclaimed overseas assets — increasing tax exposure in multiple jurisdictions. 9. Not addressing digital assets — leading to loss of value or access. 10. Poor record-keeping — increasing HMRC scrutiny and potential fines. 3. 8 Action-Based Solutions 1. Obtain professional RICS valuations to ensure accurate IHT reporting. 2. Set probate timelines with key milestones to avoid delays. 3. Proactively claim reliefs like BPR and APR with supporting evidence. 4. Structure wills and trusts to fully utilise nil rate bands. 5. Use a tax-qualified executor or adviser to avoid HMRC form errors. 6. Appoint a neutral professional executor to manage family tensions. 7. Conduct an estate debt audit before asset distribution. 8. Maintain digital and paper asset registers for efficient probate. 4. Examples Before Solutions: • Property undervalued by £200k → IHT overpaid by £80k. • Missed residence nil rate band → £70k extra tax liability. • Family dispute over business shares → 12-month probate delay. After Solutions: • RICS valuation secured → IHT reduced by £80k. • Residence nil rate band applied → £70k saved. • Professional executor appointed → probate completed in 8 months. 5. Hashtags #ProbateUK, #ExecutorDuties, #InheritanceTax, #SuccessionPlanning, #EstatePlanningUK, #WealthProtection