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.
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.
Before you can ingather the property, assets and money in an estate in Scotland, you need to obtain Confirmation from the Sheriff Court. Confirmation in Scotland is the equivalent of Probate in England.
To obtain Confirmation, the executor is responsible for preparing and submitting an Inventory of Estate to the Sheriff Court (which is part of the form C1). In addition to the Inventory of Estate being the basis on which Confirmation is granted, it also shows whether the estate is likely to be liable for Inheritance Tax (IHT).
The Inventory of Estate is a list of all the property, assets, money and income owned or due to the deceased and any expenditure and debts due by the deceased at the date of death.
The Inventory of Estate shows the extent of the estate, and this allows Confirmation to be issued, which then allows the executor to ingather the property, assets and money and to pay the debts of the estate.
It is also important to ensure that assets are properly valued. For instance, if the deceased owned a house, it is appropriate to have this valued by a surveyor to ensure the value is accurately reflected in the Inventory. Similarly, a suitable valuer should value any jewellery, antiques, paintings or other items of value. Obtaining formal valuations of these assets is particularly important if the estate will be subject to Inheritance Tax and/or the assets concerned may be transferred to a beneficiary to account of their residuary entitlement (especially in an estate where there is more than one residuary beneficiary), to ensure a fair division of the Estate among the beneficiaries.
Any shares or stocks should also be valued at the date of death, and details of the value of any insurance policies or bank balances, again as at the date of death, should also be included. Before the Inventory of Estate can be presented to the Sheriff Court, the appropriate amount of Inheritance Tax needs to be paid.
The executor needs to make diligent and reasonable enquiries about the extent of the property, assets and money owned by the deceased. The executor should also collate the extent of the debts. This should not be rushed and any paperwork left by the deceased should be properly examined.
Usually, when a solicitor is involved in dealing with an estate, the executor will supply the solicitor with all the information they have about assets, property, money, liabilities and expenses. However, sometimes there may be elements of the estate which are not included for reasons which are outwith the control or knowledge of the executor and which subsequently appear.
An executor is expected to act in a reasonable and responsible manner when providing the information included in the Inventory of Estate and if something is inadvertently missed, steps can be taken to include this in the estate at a later date.
Murray Beith Murray have experienced, sensitive practitioners who are able to advise executors on the steps they need to take to build the Inventory. They will explain the responsibilities of being an executor and help the executor identify assets and property as well as liabilities and expenditure.
We will answer any questions you might have about this process and how we can work best with you to ensure the estate of your loved one is wound up as effectively as possible. Our aim is to help you work through the entire process as smoothly as possible irrespective of the size or complexity of the estate.
We have extensive experience and expertise in dealing with estates of all kinds and use that experience to help and support executors in every aspect of winding up an estate. If you have been appointed as an executor and do not know where to start, please contact us and we will answer any questions you might have and help you through the process from beginning to end.
Carol McGovern is an Executry Paralegal and deals with all aspects of executry administration and related tax matters. Murray Beith Murray Executry group has assisted many families with the legal issues arising following the death of a relative. If you have any questions about the issues covered here, or if you wish to discuss any other legal matter, then please complete our contact form or call us on 0131 225 1200.
At Murray Beith Murray, we're more than just lawyers - we're trusted advisors. We clearly outline the executry process, providing straightforward, practical advice and assistance. Our approach to client service is friendly and responsive, and we operate with the highest standards of integrity and professional expertise.
