The death of a loved one is never an easy time for families. We can help with the efficient winding-up of the estate of the person. Our Wills and Executry lawyers are based in Stirling & Tillicoultry. If you are in Stirlingshire, Clackmannanshire, Plean, Cowie, Alloa or the surrounding areas in Scotland, we can advise on all aspects of the legal and practical issues in simple language for you.
Executry Solicitors Stirling & Tillicoultry: Winding up an Estate
Generally, the steps involved in the winding up of an estate are as follows:-
- Once instructions to wind-up the estate of the deceased are obtained, we check whether or not there is a valid will in place. If there is a valid will, the process is known as testate succession. If there is no valid will, the process is known as intestate succession and the rules for each are different.
- Copies of the death certificate are obtained and funeral arrangements should be made.
- Executors are confirmed in accordance with the will or, in the absence of a will, executors are ascertained in accordance with the rules of intestate succession (usually the spouse or next of kin).
- Assets and liabilities of the deceased are identified, which can include a house, car, bank accounts, investments etc, further to which the banks and investment companies etc will be notified of the death
- An inventory of the assets and liabilities is prepared and confirmed by the executor. If the estate appears to be worth more than £325,000, arrangements are made in respect of any inheritance tax liability
- ‘Confirmation’ is then obtained from the Sheriff Court and the Certificate of Confirmation is then sent to each bank or company holding assets asking for the relevant sum due to the estate.
- Any tax liabilities and any other debts are dealt with usually after 6 months have passed from the date of death.
- The estate can then be distributed to the beneficiaries (in some cases, interim distributions may be made at an earlier stage) and further administrative issues are dealt with in order to finalise the administration of the estate.