Interview Prep

Question 1

Questions to ask when someone dies

Answer 1

G - gather information about lifetime gifts, assets, and liabilities

R - register the death

A - assets secured (valuables, home)

V - value the estate (assets at date of death + non-exempt lifetime gifts at date of gift)

I - identify the personal representative

N - notify banks, insurers, employer of death

S - settle inheritance tax

Question 2

Lifetime gifts, assets, liabilities

Answer 2

GIFT CLAPS BEVS

G gifts

I insurance policies (life)

F uneral expenses

T trusts

C credit cards

L - loans

A - active contracts

P - properties

S - shares

B - bank and building society accounts

E - employment entitlements

V - vehicles

S - special valuables

Question 3

Property passing outside of will

Answer 3

JUMP IT

J - joint tenants (remember to take half share for IHT)

U - under life insurance policy (for benefit of someone else)

M - mortis causa (deathbed gift made in anticipation of death)

P - pension benefits (discretionary)

I - interests in a trust (still forms part of IHT)

T - transfers with reservation of benefit (lifetime gift but retained some benefit, still forms part of IHT estate)