Thursday, 26 February 2015

Assets inside/outside estate on death

Assets outside of estate (do not pass to personal representative):
  • Joint tenancy in family home*
  • Joint accounts*
  • Nominated assets (e.g. pension)
  • Life assurance policies in trust (i.e. policy on deceased's life held in trust for spouse)
Assets included in estate:
  • Joint debts (if liability is joint and several then liability passes to personal representative and he/she is liable to pay it)
  • Assets in the estate of another individual who died before the deceased
* but do form part of the estate for purposes of inheritance tax

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