Confirmation is a legal document that must be obtained by an executor before any money and property belonging to the deceased can be uplifted from the holder (such as the bank) and distributed accordingly. There are two types of confirmation in Scotland; confirmation for small estates and for large estates. In this blog, we will cover the distincti
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Tuesday, 06 August 2019
IHT ignorance at an ‘alarming rate’ in the UK
According to Canada Life’s latest IHT annual report, the lack of awareness around Inheritance Tax (IHT) has increased in the last 12 months, with 50 per cent of over-45s who are IHT-liable admitting they are oblivious to whether their property could be subject to the tax. The 2019 report, which surveyed 1,002 people holding assets worth more than £...
Dealing with the estate of a loved one can be a time-consuming and daunting experience. There are certain aspects, such as registering the death, which have set time limits, however, the full estate administration process will be different for each case. In general, it can take anywhere from six months to 18 months to wind up an estate. In this blo
When someone dies, the person who is responsible for administering their estate will often need to apply for ‘Confirmation’ before the deceased’s money and other property can be engathered and distributed. This blog post will cover everything you need to know about applying for Confirmation. For more information about probate, please visit our Prob
At Wilson & Fish, our expert executry lawyers regularly assist clients in carrying out their executry duties. We understand that acting as an executor can be a daunting prospect – at our firm, you can be assured that we will provide clear, detailed, and tailored advice. Executry duties: First steps If the deceased died intestate (without leavin
There are a number of common failings that executors can fall into which lead to disputes and complicate the process. Problems can arise because not everyone fully understands exactly what they are taking on. In this blog, we have listed three common failings you should be aware of before accepting the appointment of executor. Not Respecting The La
Despite both Probate and Estate Administration being associated with handling an individual’s estate after they’ve died , both are defined differently and often misunderstood. What is probate? Probate refers to obtaining the ‘Grant of Probate’ or ‘Letters of Administration’ if there is no will. This is required by law in England & Wales when th
Being named in someone’s will as the executor is a great honour. However, it is important to know that you are not required to accept the appointment. Before you accept, here are some of the potential hazards an executor should bear in mind. 1. Disputes with Co-executors Often when a parent has more than one child, all children are named as co-exec
Acting as an executor for an estate carries a great deal of responsibility and therefore it is important to be aware of all the potential complications that can arise. Sometimes executors can find themselves in a difficult and unexpected situation. In this blog, we will look at one reported case which highlights the personal liability an executor c
Following a record £5.2 billion raised in Inheritance Tax (IHT) in the 2017-18 financial year, the SNP have now called for the reform of IHT, claiming that there are ‘loopholes’ in the current UK system. With the figure rising 8% from 2016-17, Alison Thewliss, the SNP Westminster treasury spokesperson, warned that “the current system of inheritance
A petition has been launched calling for a change in the law in Scotland to prevent a man found guilty of murdering his mother from being able to act as executor to her estate, reports the Daily Mail. Ross Taggart received a life sentence in 2015 after he was found guilty of killing his mother, Carol, at their home in Dunfermline and then hiding he
When a family member or other loved one dies, it can be hard for those closest to them to move on and find any sort of closure, particularly while work is ongoing to settle the deceased’s estate. As a result, a question of common concern to the recently bereaved is; ‘how long will it take to settle the estate?’
In a recent blog post we looked at some of the considerations to be taken into account when deciding who to appoint as the executor of your estate in your will. In this post we look at whether it is advisable to appoint more than one executor.
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