Winding Up an Estate in Scotland

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WINDING UP AN ESTATE IN SCOTLAND SOLICITORS GLASGOW, SCOTLAND

The death of a loved one can be a hugely traumatic and upsetting event and having the right legal support at this time can prove to be invaluable. Our lawyers can provide clear, sensitive and pragmatic advice on all matters relating to the winding up of an estate. Whatever your circumstances, call our executry team today on 0141 221 1919 to find out how we can help or complete our online contact form.

Experienced executry lawyers, Glasgow

One of the first steps after a death has occurred is to establish if the deceased left a Will. The Will typically details what the person wants to happen to their estate – their money, property and possessions. Additionally, the Will often specifies the person or persons that the deceased wishes to act as executors.

What does the executor’s role involve?

An executor will have responsibility for dealing with the estate by paying off any debts, closing down bank accounts and distributing assets to beneficiaries, amongst other tasks. Where there is no Will, your solicitor or sheriff clerk can arrange for an executor to be appointed by the court, known as an executor dative.

The executor must:

  • Make an inventory – a list of all the money, possessions and property belonging to the deceased which make up their estate
  • Paying Inheritance Tax on the estate, if this is due
  • Obtaining confirmation
  • In-gather the estate
  • Distribute the estate

What is Confirmation?

If you are acting as an executor you will need to obtain confirmation, also referred to as a letter of confirmation. This is a legal document that is granted by the court and acts as proof that you are authorised to deal with the estate of the deceased. Once you have obtained confirmation, you can send this to banks, building societies and other institutions and organisations so that money and property can be transferred to you.

To obtain confirmation, you will need to provide a list – or inventory – covering all the property held by the deceased at the time of their death. The inventory must include:

  • All items of property, including those that have already been paid over to the executors
  • Any property located in England, Wales and Northern Ireland

How will the estate be distributed?

The way that an estate will be shared out will depend on whether or not a Will has been prepared.

If there is a Will, the deceased’s estate will be distributed in accordance with their wishes following the obtaining of confirmation, subject to the payment of legal rights due to any spouse, civil partner and children. The executor should not pay out to any beneficiaries until at least six months have elapsed following the death – this allows any other persons or companies to come forward and make a claim on the estate.

If the person died without making a Will, this is known as dying ‘intestate’. In these circumstances, the law sets out how the estate should be shared – this will be done in line with the Rules of Intestacy which set out who will inherit and to what extent.

Contact Our Executry Solicitors, Glasgow, Scotland

Miller Samuel Hill Brown’s executry lawyers are based in Glasgow City Centre and regularly service clients across Glasgow's West End, South Side, Paisley and across Renfrewshire, Lanarkshire and Central Scotland. Whatever your circumstances, contact our specialist executry solicitors on 0141 221 1919 or fill in our online contact form

 

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