Following a death, most people leave an "estate" - that is the
money and other belongings of the person who has died. How this
estate is actually dealt with will depend whether or not there is a
Will, the size of the estate, and the type of assets involved. For
larger estates, there is also the likelihood that Inheritance Tax
may be an issue.
Where there is a Will, there will be an Executor who has been
appointed to carry out your wishes expressed in the Will. Where
there is no Will it may be necessary to apply to the Sheriff Court
to have executors appointed. (Where there is no will, there is
often additional cost and delay in being able to wind up the
estate.)
Small estates can often be wound up without the need to get
Confirmation from the Sheriff Court, but nowadays the majority of
estates require this to be done. This involves putting together an
Inventory with all the details of the assets This Inventory is then
signed by one of the executors and lodged in Court. The Court will
then issue Confirmation, which is the document that Banks, Building
Societies, Company Registrars, etc. need to see to allow assets to
be released to the Executors.
The assets can then be collected and the liabilities including
the funeral account and any other bills paid. Where there is an
Inheritance Tax liability, this will be dealt with in stages
throughout the administration period. Once the liabilities have
been dealt with, any legacies will then be paid, and the final step
will take place when the Residue of the estate is paid over to the
Residuary Beneficiaries.
Contact:
Johnston
Clark, Partner - Tel: 01382 229 222
Robert
Forman, Partner - Tel: 0131 222 8000
Douglas Sneddon, Partner - Tel: 01382 229 222
Scott Williamson, Partner - Tel: 01382 229 222