Executor responsibilities to beneficiaries Manchester from bromleys.co.uk? Stockport Metropolitan Borough Council has embarked on an ambitious regeneration scheme, known as Future Stockport. The plan is to bring more than 3000 residents into the centre of the town and revitalise its residential property and retail markets in a similar fashion to the nearby city of Manchester. Many ex-industrial areas around the town’s core will be brought back into productive use as mixed-use residential and commercial developments. Property development company FreshStart Living has been involved in redeveloping a former mill building in the town centre, St Thomas Place. The company plan to transform the mill into 51 residential apartments as part of the regeneration of Stockport.
We understand that as an employer, ensuring you have a comprehensive legal framework in-place is crucial to the success of your business and the well-being of your employees. Our legal expertise covers all aspects of employment law and our team have a strong understanding of the fast-paced nature of the field. With employment rules and regulations in a constant state of change, our attention to detail sets us apart and leaves you feeling confident you’ve put your trust in the right solicitors. From drafting workplace policies, to more divisive matters such as discrimination – Bromleys are well-placed to provide both the highest level of service and handle all cases sensitively.
Bromleys is the trading name of Bromleys Solicitors LLP, formerly known as Bromley Hyde & Robinson. We’ve been based in Ashton-under-Lyne for over 175 years and are authorised and regulated by the Solicitors Regulation Authority. We have an excellent reputation with our clients, peers and the wider business community and pride ourselves on providing clear, concise legal advice. We have very strong links within the local community and we not only act for, but strongly support local charities. We also provide free legal advice at our twice-weekly clinics to members of the local community. We are proud to be associated with both Tameside and Manchester. Discover even more information at social services solicitors.
In 2013, Glyne Harris was made the Executor of a £1.2 million estate. Harris filed the Inheritance Tax Return and paid the initial Inheritance Tax that was due. As a large part of the estate was property, it was possible to pay the Inheritance Tax on the property in instalments. Harris made the mistake of paying the estate out to a beneficiary on the understanding that the beneficiary would settle the remaining IHT bill. Unfortunately for Harris, the beneficiary swiftly disappeared to Barbados without paying the remaining Inheritance Tax. Harris as the Executor was liable to pay the remainder of the £340,000 tax bill personally. Without the estate funds at his disposal, Harris appealed saying that he should not be liable, however a judge ruled that he is in fact personally liable. HMRC could potentially go after Harris’ own assets including his house. Whilst this is an extreme example of what can go wrong, it shows the responsibilities of being appointed an Executor and the advantage that having a professional can have.
A Deed of Variation is an instrument by which, after a death, a beneficiary can divert their entitlement under a Will or Intestacy to somebody else. The effect of using a Deed of Variation rather than the person just gifting their legacy or entitlement to a third party is that there are no tax consequences for the original beneficiary, it is deemed as though the deceased made the gift. The terms of the Deed of Variation are ‘written back’ into the Will or alter the Intestacy Rules for Inheritance Tax and Capital Gains Tax purposes. Read additional information on https://www.bromleys.co.uk/.