Becoming an Executor
Being appointed as an executor can be a stressful burden at an already difficult time. The formalities and paperwork when dealing with an estate can quickly become stressful and the process requires enduring patience. Our experienced and approachable team understands the need for closure. We can take care of all matters arising from the death of a family member or friend. Our goal is to provide a sympathetic and efficient service to ease your worries whilst we carry out the wishes of those lost.
The Executor’s first responsibility is to gather all the assets of the deceased (the Estate) as soon as possible. Before the Executors can begin to wind up the Estate, they will usually have to obtain a document called Confirmation. This comes from the Sheriff Court and establishes the Executor’s legal authority to deal with the Estate. A petition may be required for the court to appoint an Executor where there is no will. This is normally someone related to the deceased and entitled to inherit a share of the Estate. In some cases, a type of insurance called a Bond of Caution is also required.
Settling the Estate
Once Confirmation and the assets have been gathered, the Executor will then pay any debts of the deceased, this includes inheritance tax. If there are any legacies or legal rights claims, they would be settled next. Finally, the executors pay out any remaining amounts (the Residue) to those who are entitled it.
Executors can appoint professional advisers to assist them. In most cases this will be a firm of solicitors. Our aim is to make the administration process as straightforward and painless as possible for you. If you’d like to discuss your situation with a member of the team, contact us for a free initial consultation. We’d also like to remind you of services available to help support you or loved ones during bereavement such as Cruse or Samaritans.