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Executries

A death in the family is a traumatic time. This is often made worse by the amount of paperwork and other formalities involved in gathering together and distributing the deceased's assets. We at Blackadders are here to make dealing with those matters as straight forward as possible.

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.