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Guiding executors through the legal complexities of winding up an estate in Scotland.
Being named as an executor in the Will of a relative or close friend makes you legally responsible for winding up their affairs after their death. But what exactly will this involve when the time comes?
Meeting the many obligations demanded of an executor under complex Scottish Law can be a daunting and stressful experience at an already difficult time. That’s why many people choose to appoint an experienced solicitor to take care of all these executry duties for them – and who better to turn to in Edinburgh or Fife than Pagan Osborne?
As experts in all aspects of Scottish executry law, we can provide whatever support you may need to fulfil your duties as an executor, including:
- Compiling a full inventory of the deceased person’s assets including savings, investments, insurances, property, vehicles, jewellery and any other items of value
- Arrange for an independent valuation of these assets to calculate any liability to Inheritance Tax
- Complete all necessary forms required by HM Revenue and Customs, and apply to the Sheriff Court for a Grant of Confirmation to release funds from the estate to settle funeral expenses, tax and other debts before the remainder can be distributed amongst the beneficiaries named in the Will
Sounds complicated? It is – especially if there are any unexpected claims against the estate or if a Court appoints you as an executor in the absence of a valid Will. The simple answer is to leave everything to the professionals at Pagan Osborne and give yourself one less thing to worry about.
For a breakdown of our executry services and costs please see below:
Appointment of Executors
We will advise who has the right to be appointed as Executor, prepare the Initial Writ to be lodged with Court, advise when the appointment has been granted and the duties you are required to fulfil in your role as Executor
Ingathering information required to complete Court Forms
Corresponding with the various asset holders to compile a detailed inventory of all the estate's assets including property, savings and investments, life assurance policies, vehicles and all items of value such as works of art, antiques and jewellery including any joint assets (e.g. joint bank accounts). Arrange for an independent valuation of these assets to calculate any liability to Inheritance Tax
Completion of Court Forms (C1 & C5)
Completion of forms C1 and C5 (see forms below) which are required by the Court to obtain Confirmation
Completion of HM Revenue & Customs Form IHT400
Completion of HM Revenue & Customs form IHT 400 and calculation of Inheritance Tax (see forms below)
Completion of Forms IHT35 & IHT38
Reclaim any losses on sale of shares or property against Inheritance Tax paid (see forms below)
Preparation of final account of intromissions to ascertain final sums due to the beneficiaries in relation to their share of the estate
From…£80 per page
Full Service - in Relation to Administration and Winding Up
Corresponding with the various asset holders to compile a detailed inventory of all the estate's assets. Completion of forms C1 and C5 or ITH 400 as required. Prepartion of final account of intromissions to ascertain final sums due to the beneficiaries in relation to their share of the estate. Settlement of all debts and outlays, any legacies in terms of the Will and settling with beneficiaries in respect of their share of the estate. This can also include application for appointment of Executor and calculation of Legal Rights
Advice and Completion of Deed of Variation and Evacuating Survivorship
i). It may be possible to vary the terms of the Will if all parties entitled are in agreement
ii). Where the Title for a property is held in joint names and contains a survivorship destination it may be appropriate to evacuate the survivorship by way of a Deed of Variation
Advice and Calculation of Prior/Legal Rights
Under Scots Law the surviving spouse or civil partner has the right to make a claim (Prior Rights/Legal Rights) and the children of a person who has died domiciled in Scotland have the right to make a claim (Legal Rights) in the estate of that person
Advice on Intestacy
Where the deceased has not left a Will their Estate will be administered under the Succession (Scotland) Act 1964
From...£175 per hour
Domicile - Liability to UK Inheritance Tax depend on your domicile at the time you make the transfer
Agricultural and Business Assets - Advice on claims for Agricultural Property relief and Business Property relief
Cohabitation Claims - Advice on the rights of a Cohabitant on the death of a partner
C1 and C5 Forms - Sheriff Court Forms required to obtain Confirmation which allows the Executors to uplift and sell or transfer the assets of the Estate
IHT 400 Form - This form requires to be completed and lodged with HMRC together with the sum due to pay the Inheritance Tax due on the estate. The form needs to be receipted and returned before the application is made to the Court to obtain Confirmation
IHT35 & IHT38 Forms - Where Inheritance Tax is due it may be possible to claim back losses on sale of shares within one year of date of death ( Form IHT35 ) and losses on the sale of Property within four years of death ( Form IHT38 )
From...£175 per hour
- Related Documents
- Q1 What should I take if going to see a solicitor regarding an Executry?
To help us ascertain the size of the estate, it would be helpful if you bring the death certificate (original and preferably two copies at least), personal papers, bank statements, share certificates, passport, bus pass, TV licence, title deeds, and any other documents which you think might be important.
- Q2 What is an Executor?
An Executor is the person appointed in terms of the Will or by the Court (where there is no Will).The Executors are the representatives of the deceased and are responsible for the winding up of the estate, usually assisted by a firm of solicitors.
- Q3 How long will the process of winding up an estate take?
Each estate is different and the time for administration varies according to the size and complexity of the estate. More complex estates inevitably take longer and estates with inheritance tax (if applicable - this depends on the size of the estate) and property to sell can lengthen the process. Your solicitor will be able to advise further on the likely length once they have an overview of the estate.
- Q4 What if there is no Will?
The appropriate person will be appointed as Executor by the Court if necessary. There are detailed statutory rules governing what should happen and a solicitor can guide your through these. This situation is known as intestacy.
- Q5 I am the Attorney for the deceased, can I administer the estate?
No. The Attorney’s powers cease immediately on death.
- Q6 I have been named as an Executor in the Will - what should I do?
Contact the Legal firm who drew up the Will for further advice.
- Q7 What is Probate?
Probate is the English equivalent of Scottish Confirmation.
- Q8 What is Confirmation?
Confirmation is the legal document that gives authority to the Executors to deal with the estate and allows them to ingather the assets, settle all debts and distribute the estate according to the terms of the Will.