Winding up an Estate
Losing a loved one is a traumatic time for family members. Unfortunately this coincides with the administrative burden of sorting out the deceased’s affairs and distributing the estate. Pollock Fairbridge Schiavone Solicitors are experienced practitioners who can lessen that burden and deal with the estate administration as quickly as possible.
The process can vary depending on whether there is a Will. If there is a Will, the appointed executors can act right away. If there is no Will, the beneficiaries need to make a court application to be appointed executors.
The duties of executors can be quite onerous. The appointed family members may be able to wind up very small estates themselves through a simplified procedure involving the Sheriff Clerk. For larger estates, the process can involve inheritance tax calculations, possibly business assets and property overseas. In these circumstances, the executors would find it very difficult to wind up the estate without some professional support.
Duties of an Executor:-
- Instructing independent valuations of estate assets
- Preparing a detailed inventory of the estate assets
- Calculating Inheritance Tax liabilities
- Completion of all tax returns required by HM Revenue & Customs in respect of Inheritance Tax, Capital Gains Tax and Income Tax.
- Payment of Inheritance Tax prior to Confirmation (called Probate in England) and within six months of the date of death.
- Settling estate debts as funds are available
- Calculating any legal rights claim and advising potential beneficiaries of their entitlement
- Realising the remaining estate assets
- Distribution of the estate to the beneficiaries stated in the deceased’s Will or, if there is no will, the entitled beneficiaries under the laws of intestate succession.
- Preparing the final accounts
Pollock Fairbridge Schiavone Solicitors are very experienced in winding up estates. This can range from modest estates to very large multi-million pound estates involving businesses, property overseas and inheritance tax liabilities. These estates can run for several years. Should you require any further information or advice, please contact us at our Stepps office or by email at email@example.com