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

  From…£350

• 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
  
  From…£1,500

• Completion of Court Forms (C1 & C5)

  Completion of forms C1 and C5 (see forms below) which are required by the Court to obtain Confirmation

  From…£1,500

• Completion of HM Revenue & Customs Form IHT400

  Completion of HM Revenue & Customs form IHT 400 and calculation of Inheritance Tax (see forms below)

  From…£3,000

• Completion of Forms IHT35 & IHT38

  Reclaim any losses on sale of shares or property against Inheritance Tax paid (see forms below)

  From….£350

• Final Accounting

  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

  From…£3,500

• 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

  From...£350

• 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

  From…£350

• 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

• Specialist Advice

  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