What are assets?
When valuing the estate, you will need to take account of all the assets belonging to the deceased person.
HM Revenue & Custom’s definition of assets
HM Revenue & Customs defines assets as anything which has a value and typically includes the following:
1. Personal chattels meaning personal belongings
2. Money in bank, building society or savings accounts
3. Houses and land; this includes farmland
4. Businesses, or business assets, owned by the deceased (or a business partnership of which they were a member)
5. Investments such as stocks and shares, including family shares
6. Pensions that include a lump sum payment on death (as opposed to an ongoing annuity to a surviving partner)
7. Payouts from life insurance policies
8. Assets in a trust from which the deceased benefited
9. Foreign assets held abroad including foreign bank accounts, property or shares
10. Some gifts are included as assets
The information which we provide through Lasting Post is in outline for information or educational purposes only. The information is not a substitute for the professional judgment of a solicitor, accountant or other professional adviser. We cannot guarantee that information provided by Lasting Post will meet your individual needs, as this will very much depend on your individual circumstances. You should therefore use the information only as a starting point for your enquiries.