We understand that, when a loved one dies, this is a difficult time and you want the process handled as efficiently as possible.
The main responsibility of an Executor is to establish the assets and liabilities of the person who has died and to have these valued as at the date of death. An Inventory of the deceased’s assets and liabilities can then be prepared. Where applicable, arrangements will be made to pay the Inheritance Tax. The Inventory is sent to the local Sheriff Court in order to obtain Confirmation to the estate which confirms the Executor’s authority to administer the estate.
A Certificate of Confirmation is sent to each bank or company holding the assets. In return, the organisations will release the deceased’s assets to the Executor and close or transfer the deceased’s accounts. Any HM Revenue and Customs questions concerning the values of assets or liabilities of the estate are dealt with at this point.
When all assets are collected, the liabilities of the estate are paid and any legacies are settled before final distribution of the estate is made to the residuary beneficiaries.
We can help to make dealing with the process as stress free as possible. Please contact us for more information and advice.