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Executries - Winding up an Estate

When someone dies, their assets (known as their "estate") have to be transferred to those persons who are entitled to them, and their debts have to be settled. The person given the responsibility of doing so is known as their "Executor". The person who has died may, or may not, have left a will. If there is a will, they are said to have died "testate" but if there is no will they are said to have died "intestate". If the will has been properly drawn up, it will have appointed an Executor, and will stipulate to whom the estate is to be transferred. If there is no will, the first step will be to have an Executor appointed by the Sheriff Court, and the laws lays down rules for who the estate then passes to. Even where there is a will, it is still possible for certain relatives (spouses and children) to make a claim if they have not been mentioned in the will. This is known as making a Claim for "Legal Rights".

The first 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 death duties (known as "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. All in all, winding up an estate can be a complicated business and you are always advised to see a solicitor at the earliest opportunity after somebody dies.

Paris Steele W.S. have many years of experience in dealing with Executry Estates and would be happy to advise and assist you in that connection.