Administration of Executry Estates
If a loved one has died, the thought of sorting out their financial affairs and estate can be a daunting prospect. We offer a range of services which can be tailored to your needs.
The main task of the Executor is to find out all the assets and liabilities of the person who has died, and then to have them valued accurately on the date of death. The assets are listed in an Inventory, and arrangements are made to pay Inheritance Tax. The amount payable will depend on the value of the estate. The Inventory is lodged with the local Sheriff Clerk, who in turn grants Confirmation to the Estate and this confirms the Executor's authority to administer the estate. The Executor then makes arrangements for all the Bank Accounts, Investments, Life Policies and other property to be either sold, cashed in, or transferred to the beneficiaries. The debts will be settled, an Income Tax Return to the date of death has to be lodged, and any remaining funds are paid out to the beneficiaries.
We can help you with the formalities of administering the estate in an efficient and cost-effective way. We can explain the procedures involved, the likely timescales and give you an indication of the costs involved. Our aim is to make what is undoubtedly a very difficult and stressful time as straightforward as possible and to complete the administration without delay, keeping you regularly informed of progress.
To speak to a member of our legal team contact us online or telephone one of our offices to arrange your free initial consultation.