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Coping with bereavement

Duties of an Executor

Our Private Client team can help you fulfil your duties as an Executor

Helping you fulfil your duties

We will help you fulfil your duties as an Executor which includes:

  • Obtaining valuations of all assets which make up the deceased’s person’s estate including savings, investments, property, vehicles, insurances, furniture and personal items such as jewellery.

  • We will complete all necessary forms required by HMRC and apply to the Sheriff Court for grant of Confirmation. This is called Probate in England and once granted we will be able to realise funds from the estate, settle funeral expenses, tax and other debts.

  • We will prepare executry accounts before distributing assets to the beneficiaries named in the Will or those entitled to benefit under the laws of intestacy.

Where there is no Will we will identify who has the right to be appointed Executor and petition the court for that appointment. In the same way as with the testate estate an inventory has to be compiled detailing all assets and liabilities. Before this can be submitted to the Sheriff Court we will have to obtain a Bond of Caution, or insurance policy, to protect the Executors against distributing the estate to the incorrect beneficiary.

Once Confirmation has been applied for and obtained the estate can be distributed according to the intestacy laws of Scotland.

Advising you on any tax implications

In both testate and intestate estates there may be inheritance tax to be paid and the inheritance tax calculation is often difficult. This tax has to be paid within six months of the date of entry or interest will start accruing and we will arrange for payment of this either from funds held in the deceased’s persons bank accounts, by realising share portfolios or sometimes by arranging an Executors’ loan account with a Bank. We can also advise on how to reclaim any losses that have taken place on the sale of shares or property against inheritance tax paid.

Other areas of advice

We can give advice on and assist in the completion of a Deed of Variation where all parties entitled in terms of a Will are in agreement.

We can advise on claims for agricultural property relief and business property relief and on the rights of a co habitant on the death of a partner.

Being an Executor can be a daunting responsibility and the administration of an estate complex. Executors can be held personally responsible financially for any loss resulting from a breach of their duty. Our team can assist in what can often be a stressful and time consuming process.

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