Executries
Dealing with the estate of a relative, friend, or acquaintance, can be a challenging and emotionally demanding experience. This
is often compounded by the lack of knowledge of the deceased’s assets, or having nothing more than considerable volumes of paperwork
to deal with in the initial stages.
Our experience is that many of our clients approach us having being appointed executors under the will of deceased individuals, without knowing the implications thereof. For example, irrespective of the contents of a late individual’s Will (inclusive of instances where there is no Will) any surviving spouse or children are entitled to certain legal rights, which can be claimed against the executors for a period of 20 years. Moreover, an executor shall be liable to creditors if they distribute the estate within 6 months of the date of death. These are some of the many considerations for executors.
The manner in which an estate is administered is dependent upon a number of factors, such as: whether there is a Will, the nature of assets, the size of the estate, any inheritance or capital gains tax payable, and any desire of the beneficiaries to vary the terms of a Will.
A considerable number of estates require what is known as Confirmation, which is lodged with the Sheriff Court. Once granted, Confirmation gives executors the authority of the court to ingather and distribute the estate of the late individual. Prior to obtaining Confirmation all matters concerning Inheritance Tax must be settled; only thereafter, may an estate be distributed with any balance of the estate payable to the beneficiaries.
No matter the size, or nature of the estate, our highly experienced and skilled team of executry practitioners can help guide you through the necessary procedures which must be undertaken, both in accordance with the wishes of the deceased individual, and in accordance with the law.
We appreciate the loss of a loved one can be an exceptionally difficult time, and as such, we endeavor to give you that expert advice and support which you can rely upon.
Our experience is that many of our clients approach us having being appointed executors under the will of deceased individuals, without knowing the implications thereof. For example, irrespective of the contents of a late individual’s Will (inclusive of instances where there is no Will) any surviving spouse or children are entitled to certain legal rights, which can be claimed against the executors for a period of 20 years. Moreover, an executor shall be liable to creditors if they distribute the estate within 6 months of the date of death. These are some of the many considerations for executors.
The manner in which an estate is administered is dependent upon a number of factors, such as: whether there is a Will, the nature of assets, the size of the estate, any inheritance or capital gains tax payable, and any desire of the beneficiaries to vary the terms of a Will.
A considerable number of estates require what is known as Confirmation, which is lodged with the Sheriff Court. Once granted, Confirmation gives executors the authority of the court to ingather and distribute the estate of the late individual. Prior to obtaining Confirmation all matters concerning Inheritance Tax must be settled; only thereafter, may an estate be distributed with any balance of the estate payable to the beneficiaries.
No matter the size, or nature of the estate, our highly experienced and skilled team of executry practitioners can help guide you through the necessary procedures which must be undertaken, both in accordance with the wishes of the deceased individual, and in accordance with the law.
We appreciate the loss of a loved one can be an exceptionally difficult time, and as such, we endeavor to give you that expert advice and support which you can rely upon.
