An Executry Journey – Navigating Estate Administration Following a Death
January 15, 2023 by QLAdmin
Administering an estate can be a complex process involving various challenges, such as improperly executed Wills, missing beneficiaries or assets overseas. Quill Legal Executry Lawyers Edinburgh offers executry services in Scotland to help overcome these difficulties and efficiently wind up the estate. This article outlines the key steps involved in estate administration
Determining the type of estate
The first step is to determine whether the estate is intestate (no Will) or testate (with a Will). Different rules apply to each situation and a thorough search may be needed to confirm the presence of a Will. Quill Legal can assist with this process.
Especially in intestate cases, finding entitled beneficiaries can be challenging. Reconstructing family trees and searching for missing people may be necessary. Quill Legal can help with such searches, advising on missing beneficiary insurance to mitigate risks.
An accurate inventory of the deceased’s assets must be created and reported to the Sheriff Court and HM Revenue and Customs. Assets should be secured and insured. Quill Legal can arrange for asset searches, valuations and guidance on handling overseas assets.
Inheritance tax liability
Quill Legal can help determine if inheritance tax is owed and ensure funds are available for payment within the required timescale. They will also review exemptions and gather necessary documentation.
Applying for Confirmation
In Scotland, Confirmation may be needed as part of the estate administration process. Quill Legal will prepare the application form, ensuring the inventory of assets is complete and the Will is properly signed before lodging it in court.
Once the grant of Confirmation is received, executors have the authority to ingather assets. Quill Legal can assist with complex asset collection, such as shareholdings or overseas items, engaging overseas experts if necessary.
Before distributing estate funds to beneficiaries, the deceased’s debts must be settled. Quill Legal will obtain receipts from creditors and ensure all liabilities are met.
Preparing estate accounts
Quill Legal will prepare estate accounts and agree them with the executor, providing a detailed record of the estate’s income and expenditure throughout the administration process.
Distributing the estate to beneficiaries
After settling debts, the remaining funds can be distributed to the rightful beneficiaries. Quill Legal will help ensure that beneficiaries are not bankrupt and obtain receipts for the funds distributed.
In conclusion, navigating estate administration following a death can be a complex journey. Quill Legal Executry Lawyers Edinburgh can assist with each step, ensuring the process is as efficient and stress free as possible.
If you would like any advice relating to the winding up of an estate or if you need assistance with an executry please contact Kay Blaikie at Quill Legal : firstname.lastname@example.org or telephone: 0131 564 1044. Quill Legal Executry Solicitors Edinburgh offers a personal service and will provide you with advice tailored to your specific circumstances.
15 January 2023
Principal of the Firm
Get in touch with me when you need reliable legal advice on any aspect of Executries, Wills, Powers of Attorney and Notarial services.
Telephone: 0131 564 1044