The Liabilities Worksheet will hold details of all expenses and debts incurred whilst processing the estate. Beyond this there may be outstanding debts that need to be settled. Particularly for service contracts, Insurance, Water, Gas and Electricity and cost of Valuations. Etc. We have provided a number of categories and a broad framework in which to record the details. This may vary and additional categories introduced to meet your particular requirements.

Once again it is important to keep any paper-based information to support your records.
If additional detail lines are required in the Worksheet, we would recommend taking a copy of the original spreadsheet prior to introducing the new detail. The amended Spreadsheet can then replace the original once you are happy that the results are confirmed.

A series of pro-forma letters are available to amend and send to the various institutions in order to determine any outstanding debts.

Note: the key totals are transferred to the Summary Worksheet automatically. Integrity of these numbers is important to ensure that the correct figures are generated for you.

Total Liabilities:
In the main these figures are self-explanatory. Basically they are the costs of administering the estate, ensuring that assets are valued correctly & secured for the beneficiaries, Paying for the funeral and any other associated costs.
It is important that these costs are logged (date, amount and receipts) as they occur and the records are maintained for possible future review.
The worksheet has been segmented into a number of categories to assist with the reconcilement.

Taxable Gifts Gifts that have taken place within seven years of the date of death and are of a value that exceeds the IHT limit currently set at £3000 may be taxable and therefore have to be declared.

Taxes Taxes may have already been paid by the deceased and be the subject of a reclaim or they may be due in which case they would be free of IHT.