The death of a loved one is never an easy time for families. We can help with the efficient winding-up of the estate of the person. Our Wills and Executry lawyers are based in Tillicoultry. If you are in Clackmannanshire, Alloa, Stirling, Dollar, Dunblane, Bridge of Allan or the surrounding areas in Scotland, we can advise on all aspects of the legal and practical issues in simple language for you.
Executry Solicitors in Tillicoultry: Winding up an Estate
Generally, the steps involved in the winding up of an estate are as follows:-
- Once instructions to wind-up the estate of the deceased are obtained, we check whether or not there is a valid will in place. If there is a valid will, the process is known as testate succession. If there is no valid will, the process is known as intestate succession and the rules for each are different.
- Copies of the death certificate are obtained and funeral arrangements should be made.
- Executors are confirmed in accordance with the will or, in the absence of a will, executors are ascertained in accordance with the rules of intestate succession (usually the spouse or next of kin).
- Assets and liabilities of the deceased are identified, which can include a house, car, bank accounts, investments etc, further to which the banks and investment companies etc will be notified of the death
- An inventory of the assets and liabilities is prepared and confirmed by the executor. If the estate appears to be worth more than £325,000, arrangements are made in respect of any inheritance tax liability
- ‘Confirmation’ is then obtained from the Sheriff Court and the Certificate of Confirmation is then sent to each bank or company holding assets asking for the relevant sum due to the estate.
- Any tax liabilities and any other debts are dealt with usually after 6 months have passed from the date of death.
- The estate can then be distributed to the beneficiaries (in some cases, interim distributions may be made at an earlier stage) and further administrative issues are dealt with in order to finalise the administration of the estate.
Executry - Frequently Asked Questions
What is an executor, and what do they do?
An executor is a person appointed in a will or by the court to manage the deceased’s estate. Their duties include gathering assets, paying debts and taxes, and distributing the remaining estate to beneficiaries.
What happens if someone dies without a will in Scotland?
If someone dies without a will (intestate), their estate is distributed according to Scotland’s intestacy laws. This means assets are allocated to surviving relatives in a specific order of priority, starting with spouses or civil partners and children.
Do I need a solicitor to administer an estate?
While it’s possible to handle an estate yourself, executry law can be complex, especially for larger estates or those involving disputes. A solicitor ensures the process is carried out correctly, efficiently, and in compliance with legal requirements.
What is confirmation, and why is it needed?
Confirmation is the legal document issued by the court that gives an executor authority to access and distribute the deceased’s assets. It’s required for most estates in Scotland, particularly when dealing with banks, property, or investments.
How long does it take to administer an estate?
The timeframe depends on the complexity of the estate. Simple estates can be settled within a few months, while larger or contested estates may take over a year to administer.
What taxes need to be paid when administering an estate?
Executors must ensure all outstanding taxes are paid before distributing the estate. This includes inheritance tax (if applicable), income tax on any earnings before death, and capital gains tax on certain assets.
Can disputes arise during the executry process?
Yes, disputes can occur over issues such as the validity of a will, interpretation of its terms, or disagreements among beneficiaries. A solicitor can help mediate and resolve these disputes efficiently.
What happens if I don’t want to act as an executor?
If you are appointed as an executor but do not wish to take on the role, you can formally renounce your position. Another executor named in the will or appointed by the court will take over.