Above all we understand that this is a very difficult time for families and as such we aim to act in a respectful, responsive and efficient manner at all times. We will explain how the estate will be distributed and will keep executors and beneficiaries fully informed in the winding up process.
We also provide advice in connection with setting up trusts for underage beneficiaries or those with special needs, in order to mitigate tax liability and avoid adversely affecting means testing.
To find out more about winding up an estate please contact us.
The stages of administering an estate
There are essentially 6 stages in administering an estate as follows:-
1. The Initial Investigations
Including meeting with the executors, establishing if the deceased had a Will and identifying named and potential beneficiaries.
2. Establishing the extent of the estate
Writing to all the organisations with which the deceased had an association to obtain values of assets as at the date of death.
3. Establishing the tax position
Arranging for the submission of any documentation to HMRC and making payment of Inheritance Tax if required.
4. Obtaining Confirmation
Finalising the application for Confirmation, having this approved and signed by the Executors and submitting the application to the Sheriff Court to be granted.
5. Ingathering the Estate
Providing the organisations with the Confirmation to allow them to close any accounts, transfer any assets or sell assets.
6. Accounting and Finalisation
Providing an Account to the Executors and Beneficiaries for approval and thereafter finalising and distributing the account.
