Whether you’re planning for later in life or have recently been made an Executor, we’re here to help.
Losing a loved one can be one of the hardest things we experience, and dealing with legal matters in the aftermath can be confusing and overwhelming – especially if you’ve never had to contact a solicitor before.
There might suddenly be a lot of legal jargon which might be new to you, or it can be hard to fully understand.
Our expert team can help you navigate winding up an estate with the minimum of fuss. With over 50 years of experience, we can help guide you and your loved ones through the process with dignity and consideration.
After a loved one passes, there are various steps that need to be taken by the Executor in order to wind up the estate. This can include:
Planning ahead can lighten the load and help safeguard your future.
A robust future estate plan can ensure your wishes are legally recognised and your loved ones are protected by:
Appointing an Executor
Understanding your legal rights
Winding up the estate, preparing an inventory of assets and liabilities
Inheritance tax and valuing the estate
Advice on navigating care home fees with Liferents
Your estate is everything you own when you pass away, for example money, property, possessions, debts, and any other shares or trusts that you may have, for example, your pension. Digital assets are also included, such as cryptocurrency.
In the first instance, we would advise to get in touch with a legal expert who can help you navigate the process.
As an Executor of a Will in Scotland, you will be responsible for identifying and valuing the assets of the person who passed away, as well as ensuring that their outstanding debts are paid.
You need to apply for Confirmation, and ensure the estate is distributed to their beneficiaries as they set out in the Will.
This all depends on the size and complexity of the estate. In particularly complex estates, it could take several months to years and depends on many factors.
For example, the Executor needs to identify, gather, and then value all of the assets. This can take longer when things like businesses or real estate are involved, as they are more difficult to value. Also, any outstanding debts and taxes have to be paid before an inheritance is distributed.
If there is no Will or if the Will is contested, this could also cause further delays.
Whilst you decide who the Executor of your estate will be, we as solicitors are here to provide guidance and legal support.
We have decades of experience in navigating the legal process.
For example, we can help the Executor in carrying out the duties of winding up an estate, such as applying to the Court for Confirmation, explaining taxes, navigating legal rights claims, and obtaining discharges.
If no Will was made, it can be more complicated.
We can advise on the next steps, such as applying to the Court for an Executor Dative and Bond of Caution.
As this process is generally more complex, we strongly suggest contacting an experienced solicitor for advice.
In Scotland, if you are married or are in a civil partnership and you pass away without a Will, a process known as ‘prior rights’ applies.
This means that your surviving spouse or civil partner is legally entitled to a share of your estate.
The claim is subject to certain conditions, but it is applied before legal rights.
It can be difficult to understand how this might apply to your situation.
If you have any questions about prior rights, please get in touch and one of our solicitors can advise on your particular circumstances.
Legal rights refer to the Scottish law of succession that entitles your spouse, civil partner, and children to a share of your ‘net moveable estate’.
These rights only apply to ‘moveable property’, for example what’s in your bank account, stocks & shares, and possessions like jewellery. It doesn’t apply to property.
This law essentially means that in Scotland, it’s not possible to disinherit your spouse, civil partner, or children from your estate. Legal rights apply whether you’ve made a Will or not. Regardless of what your Will states, legal rights still apply.
Have more questions about legal rights and how they apply to you? Get in touch with one of our team and we can help advise on your particular circumstances.
When planning your Will, one of the most important decisions to consider will likely be what happens to your home.
This is where a Liferent comes in.
A Liferent is a clause made in your Will which ‘splits’ ownership of your property to allow your surviving partner – the Liferenter – to continue living there for the rest of their life. Your share of the property is then held in a trust and passes to the person of your choice.
When you jointly own a property, this is generally held in two ways:
A Liferent requires pro indiviso ownership. If you have a Survivorship clause instead, this will override your Will and stop a Liferent.
Liferents are usually made within your Will, so now is the best time to review your existing Will to ensure it’s fit for purpose.
If it doesn’t contain a Liferent clause, contact us today for a free chat.
A Liferent arrangement ensures that your surviving partner is provided for during their lifetime, while keeping your share of the home for your chosen beneficiary.
A Liferent offers the following benefits: