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UK Probate Advice Wills and Probate: Dealing with the financial and tax affairs of a lost loved one

House Clearance Help & Advice: Dealing with the financial and tax affairs of a lost loved one
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There are many financial issues which have to be dealt with upon the loss of a loved one and these can all add to the burden of grief felt upon the passing of your loved one. However there are some finances which have to be taken into account and have to be dealt as soon as possible with in order to save problems later, tax issues are one of them.

The most important thing to do upon the death of a loved one is to find if there is a will, if there was who is named executor of the estate? All you need to do then is get in touch with the executor and the financial burden is on them. If there is no will, then the loved ones nearest relative will usually take over the proceedings, including dealing with the financial issues.

If you are taking over then it is important that you deal with the deceased’s tax and national insurance as soon as possible. By informing the tax people as soon as possible this will help to straighten matters up when it comes to the amount of tax that has to be paid or is owed.

Getting started with the tax and national insurance finances is relatively easy, simply get in touch with your local Social Security office who will be able to advise you on which forms you need to apply for and the information you will need to complete them.

If you don’t know the deceased’s tax office ,if you can find papers with the deceased’s national insurance number on then just give them the main office their name, address and national insurance number and they will be able to help you deal with your enquiry.
You will normally be given a form called the “R27” this form is essential in calculating how much tax is owed if any and whether any rebate is due. To help you fill in this form you will need such details as state and other pensions, details of any work the person did, any benefits they were receiving and any bank or building society interest.

You will also be asked to fill in a self assessment tax form, this is very similar to the R27 form but you will also be asked information regarding the deceased’s persons. You will need to return the form no later than three months after it was issued to you completed.
Form “R40” will help you to claim any tax back that is due, this can be filled in at the time of filling and handing in the other documents or you can wait until you know for sure that a tax rebate is due.

It is also very important that you inform the banks and building societies of the deceased, tell them that they have passed away and hand the payment books and cheque books into them. This is mainly because any interest that is paid after the date of the persons death belongs to the estate and if the person was receiving tax free interest then tax will have to be paid on interest from the date of death.

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