One of the first jobs the executor to an estate must carry out is preparing an inventory of the estate i.e. a list of all assets belonging to the deceased person, such as property, money and savings/investments.
Wednesday, 28 February 2018
Appointing More Than One Executor
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. ...
One of the most important decisions facing people when writing a Will is who to name as the executor to their estate. This is not a decision to be taken lightly, as it will be the role of the executor to act as a representative of the deceased. He or she will be responsible for paying off any debts or taxes that are liable on the estate and then di
Seasons greetings! As the holiday approaches we would like to take this opportunity to inform valued clients and potential new customers of our opening hours and Christmas activities. Christmas and New Year Opening Hours Our opening hours over the festive season are as follows: Closed 22 nd -27 th December 2017 Open 28 th and 29 t
An executor is the person who has responsibility for winding up and administering a deceased person’s estate. There a number of important stages to this process, including acquiring Confirmation , settling any bills and taxes, paying any legacies and distributing the estate in terms of the Will. One important tax that the executor will be responsib
Recent research has found that 47% of UK adults have never discussed inheritance planning. Many of those polled indicated that they had not raised the subject with family members because they did not feel they were old enough for inheritance to be an important topic of conversation. However, others avoided the subject because they do not like discu
Facebook recently surpassed 2 billion active users worldwide, and many millions log into Twitter, Instagram, and other social media networks every day. However, there is still legal uncertainty surrounding the question of what happens to our online accounts after death. In this blog, we consider the law in Scotland, and whether digital asset
In 21 st century society when we are more socially mobile than ever before, it is not uncommon to have some sort of asset in another country. More often than not this will be a property, possibly used for holiday purposes or with a view to being your retirement retreat. Testament to this is the fact that in 2016 there were some 300,000 Brits living
Last year, that Mrs Ilott, an estranged daughter ‘written out’ of her mother’s Will, was awarded £164,000 from her mother’s estate made headlines. The English case concerned the Will of Mrs Jackson who died in 2004. As noted in a previous blog (available to read here ), Mrs Jackson had left a majority of her estate to charities, expressly instructi
The Inheritance Tax allowance for married homeowner couples is set to increase to £1 million by 2020. Each parent will be able to leave £500,000 in property – up from the current £325,000 per person – without paying Inheritance Tax. This is great news for the rising number of people whose estates are now falling within the inheritance tax band. The
Many people have a very pre-set idea of what it means to plan for a time when they pass away, or ‘estate planning’ to use traditional legal terminology. They will know that this will involve bringing together an index of their property that they own and setting down in their will what is to happen to this when they pass away . For most people, this
Being an executor of someone's estate is no easy task and can often lead to difficulties among surviving family members. It was recently reported (available here ) that the wife of famous Indian actor, Bobby Deoul, Tania, is seeking the removal of the executor of her late father’s will, Ravi Kiran Aggarwal, from his position. This dispute is still
When a loved one dies, their affairs will need to be organised and their assets distributed to their surviving relatives, according to either the terms of a Will or the intestacy rules. Although it is often referred to as probate (the term used south of the border), this process is called executry in Scotland. It is often the case that close relati