Murray Beith Murray LLP is a leading Scottish private client law firm.
For 175 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
In part one of this blog, we looked at establishing whether there is a Will, who the executor and beneficiaries are and the extent and value of the estate. In the second part of this blog we will look at the steps which must be taken to report the estate to HMRC for Inheritance Tax (IHT) purposes (if required) and make the application for the Grant of Confirmation, as well as ingathering and distributing the estate.
Whilst it might seem straightforward at the outset, winding up an estate in Scotland can be difficult, complex and time-consuming. In the first of a two-part blog, we will look at the initial steps which must be taken.
You should not wait until tragedy strikes before reviewing your Will. By keeping your Will under regular review, you can take the time to ensure that you give your Will the care and attention required to ensure that your intentions are realised, saving you from unnecessary stress and complications.
If you have separated or divorced or are currently going through a divorce or separation, perhaps the last thing you might think about is updating your Will. However, it is one of the key elements of the separation and divorce process solicitors will advise you to deal with immediately.
It would be fair to say that solicitors who deal with estates sometimes need to spend time trying to discover whether someone who has died, made a Will whilst they were alive. Clients who make a Will should be applauded. However, having done that, it is important to decide where the Will should be stored and who should know about it.
