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 o
Tuesday, 11 October 2016
The Changing Nature of Estate Planning
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 ...
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 relativ
Following the death of music superstar Prince, speculation has been growing in the media over the size of the estate Prince left behind, and whether or not he had written a will.According to Prince’s sister Tyka Nelson, who is his only full sibling, there is no will and she has applied to court to have an executor appointed, reports the Guardian. A
When someone dies, the person appointed to administer their estate is known as an executor. An executor is often a family member or an executry solicitor, and is usually either appointed in the deceased’s will or by the court.The executor of an estate is an important role and at times can be a difficult one, as there are a number of things to take
When grieving the loss of a loved one things can easily slip our minds, but beneficiaries need to be careful not to overlook important issues that arise when a deceased’s estate is being wound up. This was thrown into light earlier this year, when HMRC penalised a beneficiary for failing to disclose that he had been given a cash gift by his father
The UK Government has launched a consultation over proposals to reform the fee system for applying for a grant of probate in England and Wales.A grant of probate gives the executor of an estate the legal right to wind up the estate. In Scotland, where the process is different, it is known as a grant of confirmation.The new fee regime proposed by th
Have you ever been asked to consider acting as someone's Executor? Did you ever wonder what the role involves and what legal responsibilities you will have? It was recently reported (available here) that a significant number of people could have agreed to become the Executor of an estate without fully understanding the nature of the role. Executors Insurance conducted an investigation that found that a noticeable percentage of people found the role of Executor to be a challenging one, and the task of understanding and honouring the responsibilities that they owed to be difficult.
It was recently reported (here) that the people of Switzerland have rejected the introduction of a federal inheritance tax. Depending on where people live in Switzerland, they may or may not be liable to pay Inheritance tax on property they receive from their families. However, 71% of voters decided to vote against the introduction of a comprehensi
Scottish Executry: Businesses Appointing Executors and Executry Fees - Sheriff John Neil McCormick Judgment
The role of acting as an Executor to a deceased person's estate is a very important one. It involves winding up a estate according to specific legal duties, which are particular to the Executor themselves. This was recently confirmed in the judgment of Sheriff John Neil McCormick, where the Royal Bank of Scotland (RBS) and law firm Brodies received
In 1999 the average Briton who received inheritance was in their early 50s, but new data has shown that the vast majority are closer to 60 by the time they receive an inheritance, leading to an end of “traditional inheritance”Bypassing a GenerationAccording to research, higher life expectancy, large health bills and other expenses meant that the va
A legal battle has erupted over the question of who should pay the tax burden due on the estate left by author Tom Clancy, reports the Wall Street Journal.When the writer died in 2013 he left an estate worth around $83 million, including a 12% stake in the baseball team, the Baltimore Orioles.Around two-thirds of his estate was left to his widow, a