Archives for March 2019
What Are the Differences between Administrators, Executors, and Personal Representatives?If there is a valid Will that is in place, then the Personal Representative is called the Executor. On the other hand, if there isn’t a Will in place, then the Personal Representative is called the Administrator. A Personal Representative is essentially the individual who is responsible for dealing with the assets of a deceased individual. These assets might include both financial investments and physical property but are collectively termed as the Estate. A Personal Representative is endowed with both the legal responsibility and the authority to administer an Estate. He or she might also eventually be held accountable if there are any mistakes made.
Have You Recently Been Named as an Executor?If you’ve been requested to be someone’s Executor, then you are named as that in the Will of the deceased. In cases where there isn’t a Will, then the position of Administrator will be determined according to a rigid legal order of priority, which is commonly called the Rules of Intestacy. These Rules of Intestacy will also set out how an Estate is to be distributed.
Executor Responsibilities and Duties ExplainedIf you do get named as an Executor in someone’s Will, then it might bring with it a number of duties that are complex, hard, and time-consuming. Completing them often takes up a full calendar year. It’s essential to get everything done properly, since the Executor is held legally accountable for the administration of an Estate in a way that is simultaneously in accordance with both the law and the terms stipulated in the Will. Any Executor is personally responsible for every single thing they either fail to do or actually do, in terms of the Estate. Acting as an Executor of any Will can prove to be an intimidating role considering how much responsibility there is in terms of tax, legal, and administrative roles. The duties of an Executor will last for the entire duration of an Estate administration. They might even carry forward into an ongoing Trust.
Executor Duties Might Include:
- Heading to Court to apply for a Grant of Representation, the confirmation of acknowledged legal authority for the administration of an Estate. If this gets done by the Executor named in the Will, then this is known as Grant of Probate; if there isn’t a valid Will, then this is known as Letters of Administration.
- Identifying and then dealing with any and all valid claims standing against the Estate.
- The completion and submission of the IHT (Inheritance Tax return) and then paying any owed Inheritance Tax.
- The completion of any relevant Capital Gains or Income Tax returns before paying any owed and outstanding taxes.
Estate Administration Obligations
- The notification and correspondence with any relevant organisations so that the deceased’s assets can be transferred or cashed in order to pay the liabilities and debts of the Estate.
- Searching for any missing or unclaimed assets.
- The preparation and distribution of Estate accounts to any relevant parties.
- The correct distribution of any residue left of the Estate to its beneficiaries.
Personal Representative Obligations ExplainedIt’s possible for a personal representative to be held financially liable on an individual level for losses that results from breach of duty, even when mistakes were committed in good faith, like the following:
- Failing to pay the liabilities and debts of the deceased.
- Failing to pay any and all Capital Gains, Income, and Inheritance Taxes that are due.
- Failing to distribute the funds to individuals that have successful claims filed against the Estate.
- Failing to identify and then correctly distribute the funds to beneficiaries, which might include some not known about initially.
New DevelopmentsVideo accounts for a huge chunk of mobile data usage today, and there is a reason why there has been a rapid growth in this area: live streaming. Today, consumers use live video in different areas, and the platforms are following. At the trade show, DAZN, a sports streamer, announced their intention of opening an office in Amsterdam, which points to them wanting to be the ‘Netflix of Sport’. Twitch has dominated the esports field, and it has become the envy of many. Another area that has seen a boom this year is mobile game HQ trivia, but the focus during the trade show was about how they needed to take full advantage of their popularity before the excitement started to cool down. Another thing that has accounted for the increase in streaming is Instagram Stories and Facebook Live. These platforms have launched different content options, Facebook Watch and IGTV. Most of these platforms have enough resources and that is why they have the luxury of playing with a different model for some time before it succeeds or fails. One common complaint from the European advertisers was that the US platforms were not focusing on them and they had to play second fiddle, an example being that they were not able to play with Facebook Watch.
Opportunities and ChallengesOne thing most marketers will be asking themselves: is there an opportunity in this? Vice, DAZN, and Twitch have the ability to reach big and specific audiences, but they are not going to be the best fit for every brand. Live streaming has been seen as risky because there is no vetting of the content before it is broadcast, and there is also the risk of trolling which is made possible by interactive elements. One area where many companies employ caution is that of brand safety, and all the players ranging from publisher to advertisers were very adamant that they only wanted to deal with quality content. One question advertisers need to ask is whether the channel is the right choice for their brand.
Changes in MediaAt Dmexco, third-party content was seen as not suffering these problems because of its potential to be widely distributed. There is artificial intelligence which will match the content to existing pages. This is a very effective solution for the problem that many publishers deal with: being able to create their own inventory. It provides marketers with another source of ‘in-stream’ video inventory; which content that matches. The content is well placed and is of high quality, which increases the chances of the ad being seen. It is still very important for marketers to make sure that the sites they have chosen are of high quality. This can mean only working with trusted partners and also the creation of white- and blacklists of websites. There is another area that has been going through its own programmatic and video revolution, and this is digital-out-of-home and like in-transit media. Moving images have started to take more and more areas, and this makes premium placement even more important with the widening of the pool.
CTV – a Growing AreaThe final area is the connected TV sector, which has been able to carve its own niche. There is a lot of promise in CTV, though the space in this article does not allow a deeper investigation. There are some supply-side platforms that have decided to steer clear, while there are some that are heavily focusing on the maturing area. One year from now, we will be able to see how divergent the CTV industry and online video conversations get. Today is one of the best times for creating and distributing video. But it has become a little more complicated to reach audiences. What we can expect in the future is the consolidation of vendors. If you are interested in buying into the video space, you need to look at the context – both the safety of your brand and also the user experience.
Employing your first staff member is a huge achievement for your business. In addition to taking on a certain amount of obligations and duties, you will be giving another person the responsibility for taking care of certain tasks within your business. You can seek advice on hiring specific employees; for example, advice on hiring a nanny is available from a nanny PAYE service.
In general, the 10 things that you will need to do to ensure that these obligations and responsibilities are taken care of are:
1. Background Checks
There are three important background checks that you need to run on a potential staff member before employing them:
- Is your candidate allowed to work in the UK?
- Criminal history check
- Credit record check
You may also want to run a DBS check if the person in question will be working with children.
2. Statement of Employment
Any person who will be employed for longer than one month will require a statement of employment which provides them with the terms and conditions of their employment. This statement should be provided within two months of the date of employment.
3. Employment Contract
Every employee must be offered and sign an employment contract. This contract must list their rights and responsibilities as well as conditions of work. The contract may be informal and both implied and explicit terms and conditions of employment may be contained in the document.
Once you have an employee, you are at risk of having a claim for expenses related to an injury or illness in the workplace being made against you. Make sure that your current business insurance covers Employers’ Liability and that the cover provided by the policy is adequate. If it doesn’t, you will need to take out an EL insurance policy. If you are not covered and an injury or illness does occur in the workplace, the business will have to pay the costs or you could even be held personally liable.
5. HMRC Registration
Every employee must be registered with HMRC within the first four weeks of being employed. You will be responsible for deducting PAYE or income tax as well as National Insurance Contributions from your employees’ agreed salary every month and paying the funds over to HMRC.
Even if you have only one employee, you will need to provide them with a payslip that details their gross and net salary as well as all their deductions including PAYE, income tax, NICs, pension, etc. You will also need to submit your payroll information to HMRC for every payment cycle under the rules and regulations of the Real Time Information Regime (RTI) that was instituted in 2013. (Prior to 2013 Payroll submissions were only required on an annual basis, at the end of every tax year.) Be aware that you will also need to comply with National Minimum Wage policies.
7. Health and Safety
Every employer needs to ensure that they provide a safe and secure environment in which their employees can work. Although you aren’t required to have a formal Health and Safety Policy in place for less than five employees, it is important to assess any hazards or risks that your staff members may be exposed to in their line of work or in the workplace.
8. Pension Enrolment
Every employee over the age of 22 years who earns in excess of £9,440 per year must be enrolled in a recognized pension scheme. Although this was only required for larger companies in the past, it has become necessary for all employers since 2018.
Every employee is entitled to time off whether this is for a holiday, due to illness, maternity, paternity or for any other reason stated in their employment contract.
10. Dismissal, Redundancy and Resignation
One of the most complicated areas of legislation governing employment concerns redundancy, dismissal and resignation. An unfair dismissal could result in a tribunal which could cost your business at the end of the day. Issues of unfair dismissal are usually with regards to pay, discrimination or the reasons given for their dismissal. It is critical to ensure that the right procedures are followed in dismissing an employee and that the reasons are aligned with current legislation.