The death of someone close can be a stressful and emotional time. Our specialist executry solicitors can help you through the process of winding up an estate, ensuring every detail is dealt with swiftly and effectively and regularly updating you on our progress.
What is Executry?
Executry is the administration of a deceased’s estate once the executor is given authority to distribute it. An executor is usually appointed to look after a deceased person’s estate, taking care of gathering assets, paying debts and taxes on the estate, valuing the estate and distributing the estate in accordance with a Will, if there is one.
Often on a Will, solicitors or family members are appointed as executors of the estate. Where an executor is not a solicitor, it is advisable to instruct a solicitor to manage the administration on the estate. Where there is no Will, it is possible to apply to the court to be appointed as an executor; it is usually the spouse or next of kin who is appointed, and the estate is then divided according to the intestacy rules that apply in Scotland.
There are many steps involved in the executry process; with our executry team’s expertise, we can handle these for you, and update you on our progress. A summary of some of the steps involved is as follows:
- Check that funeral arrangements have been made
- Obtain copies of the Death Certificate
- Identify executors and obtain acceptance if there is no Will or the named executor refuses or cannot act, identify possible executors
- Ascertain the deceased’s assets
- Notify banks, and financial institutions of the Death and request a valuation of the deceased’s assets
- If the estate is above the Inheritance Tax limits, ensure tax is paid
- Make an application to the court for a Grant of Confirmation or Bond of Caution, if appropriate
- Send Grant of Confirmation to those holding assets and request funds
- Agree final figures for taxation purposes with HMRC
- Pay debts and final taxes owed on the estate
- Prepare income tax form and pay any dues
- Prepare an application for formal discharge from Inheritance Tax
- Distribute Will to the beneficiaries
- Obtain discharges from beneficiaries
- Obtain a discharge of legal rights if required
- Draw up estate accounts and send notification to all residuary beneficiaries
- Close executor’s account and complete administration
We have the experience and expertise to deal with your all executry needs expediently and effectively, and pride ourselves on explaining the process and communicating regularly our clients.
Contact our Executry/Probate Solicitors in Dumbarton Today
We serve clients in Dumbarton and across Scotland, and would be happy to discuss your executry needs with you. To speak to one of our Executry experts, get in touch today via our online form or give us a call on 01389 767 625.