Dealing with the estate of someone who has died can be stressful, especially if you have no idea as to their financial assets.

To make things as easy as possible for your executor you should make sure that your affairs are in order.  This could be as simple as making sure you have a list of your assets so your executors know what to look for.

One area which is not thought about enough is gifts. If you are in a position to be able to make gifts, it is a good idea to make sure that you keep a detailed records which should include the amount of the gift, date of gift and person that the gift was made to.

You should always try to make use of the various exemptions that are available. One particular exemption which is underused is the normal expenditure out of income exemption. If you are expecting your executors to claim this exemption, ensuring that there are records of your income and expenses for each tax year is vitally important to ensure that the exemption can be claimed easily.

If you would like more information or wish to discuss the above further, please do not hesitate to contact me, Leanne Wootton on 01793 603900 or leanne.wootton@morrisowen.com.