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.
Obviously, the complexity and duration of this task depends to some extent on the size of the estate, but it can also be affected by how organised the deceased had been and whether they had put preparations in place for their end of life.
Unfortunately, it appears that adults are not as prepared for death as they should be. New research by Bank of Scotland found that around two fifths (37%) of adults say that they have never spoken to their loved ones about their personal and financial affairs in the event of their death.
The problem is being made worse by an increase in the amount of assets and information that is being held online. Many people conduct their financial affairs solely online, and have no paper records relating to their bank accounts or saving and investment accounts. According to the Bank of Scotland research, 50% of adults in Scotland with important financial information online haven’t passed on these details to their next of kin.
The problem is being further compounded by the increased use of cryptocurrencies such as Bitcoin, which can make it even more difficult for an executor to fully identify all the assets belonging to the estate.
To help resolve this, financial and legal experts recommend that people prepare a list of all digital assets/information, together with details of how to access these accounts. This should then be kept in a secure location that the executor will be able to access, for example along with your will that is held by your solicitor.
Contact Our Expert Executry (Probate) Solicitors Glasgow, Scotland
Our executry solicitors in Glasgow can help you to wind up the estate of a loved one in Scotland quickly and effectively. Based in Glasgow, we help clients throughout Scotland including Ayrshire, Edinburgh, Aberdeen, Dundee, Paisley, East Kilbride and Stirling. For advice on all aspects of executries contact our solicitors today on 0141 222 7951 or complete our online enquiry form.