We have a wealth of experience in winding up and administering a deceased’s estate.
The steps that require to be followed in winding up an estate depend upon whether or not the deceased left a Will.
If there is a Will, then it will usually appoint executors whose responsibility it is to administer and wind up the estate. An inventory detailing all of the assets and their value at date of death is prepared and signed by the executors and lodged with the court. The court will then issue Confirmation which is the Scottish equivalent of English probate. Confirmation enables the executors to ingather the assets or to sell them or transfer them to the beneficiaries.
If there is no Will, then firstly a Petition requires to be lodged with the Sheriff Court to have an executor appointed. Once that has been done, then an inventory is prepared as above. A Bond of Caution then requires to be obtained. This is an insurance bond which protects the beneficiaries from an executor failing to account to them for their share in the estate. Once the Bond is obtained and lodged with the Sheriff Court, then Confirmation is issued and the estate can be ingathered.
There may well of course be complex issues to be dealt with such as inheritance tax and we can provide advice in this particular area.