Winding up estates
Administration of Estates
When a person dies, someone has to deal with their estate. A person’s estate is considered to be made up of the money, property, investments and any possessions they owned at the time of their death. If there is a Will the estate will pass to people named in the Will. If there is no Will certain rules, known as the law of intestacy will apply.
Confirmation – where there is a Will
Confirmation is the legal certification (by the Sheriff Court) of a Will, authorising the Executors named in the Will to wind up the affairs of the deceased.
The process of Confirmation involves accounting to HMRC for the value of the estate, gathering in the assets, settling debts, any Inheritance Tax, and any legal rights due, and then making over the net estate to the beneficiaries named in the Will.
Confirmation – where there is no Will
Where there is no Will, relatives need to be appointed as executors by a court process, and a guarantee by an insurance company may be required. Confirmation then is issued and the administration process proceeds as above. The executor must make over the net estate to the beneficiaries entitled to it under the Succession (Scotland) Act 1964.
Whether you are an Executor, a spouse, civil partner, cohabitant, child or other relative, we will assist in the following ways:
• Provide practical guidance to help you deal with administration the estate
• Determine the size of an estate for Confirmation and Inheritance Tax purposes
• Arrange (i) to prepare a Confirmation application, (ii) to lodge the required documentation with relevant organisations to ingather the estate and settle outstanding debts, and (iii) to complete the distribution of the estate with a full accounting.
• Advise on whether any Deed of Variation of the estate is necessary. This is an option which may give a beneficiary the opportunity to carry out some tax planning, or simply redirect a benefit to someone who should have received something from the estate.
We are happy to give an indicative quotation for the overall cost of administering an estate and an estimate of the time which should be taken to completion. To assist us in advising you please request the appropriate questionnaire by completing our Contact Form
Key Contact – Allan Nicolson