Who will handle your affairs?
The ‘personal representative’ (the person nominated to handle the affairs of the deceased person) arranges to pay any Inheritance Tax that is due. You usually nominate the personal representative in your will (you can nominate more than one), in which case they are known as the ‘executor.’ If you die without leaving a will a court can nominate the personal representative, in which case they are known as the ‘administrator.’
If you have been nominated as someone’s personal representative you have to value all of the assets that the deceased person owned. This valuation must accurately reflect what the assets would reasonably fetch in the open market at the date of death.
In most cases, Inheritance Tax must be paid within 6 months from the end of the month in which the death occurs, otherwise interest is charged on the amount owing. Tax on some assets, including land and buildings, can be deferred and paid in instalments over 10 years.
