We’re here to help. Hopefully we can answer some of your questions below, however, do give us a call on 01412227951 or contact us via our online contact form if you would like any more information or if you are considering our executry services.
How Long Does the Executry Process Take?
It’s difficult to give an estimation of how long the executry process will take as timings vary depending on the size or complexity of the estate. Estates without a house to be sold – and those that are not subject to Inheritance Tax will be much quicker to process than those with either a house or other property and inheritance tax to pay. Foreign assets, outstanding debts or any variation of the Will or claims for legal rights are some of the factors that can cause considerable delay. An intestate estate (one where there is no valid Will) will also cause delay. Smaller estates can take around 6 – 8 months and the larger estates can take anything from a year to 18 months to complete. The minimum amount of time an estate can take to process is six months from the date of death, which is down to Law Society for Scotland guidelines restricting distribution before this stage.
How Much Will Executry Cost?
Our fees are set in accordance with the Law Society for Scotland’s General Regulations and vary depending on different factors such as the size of the estate or whether there is a valid Will. Generally, where there is a valid Will, the cost of executry is cheaper than where there is no Will. An estate where Inheritance Tax payable (those valued over £325,000) also costs more than one without, as there is more work to be carried out. The number of assets on an estate also affects the cost.
Any fees or costs will be payable from the estate, and we will always be transparent about our fees and will explain our fees clearly from the outset. In larger estates, interim fees may be charged at other times. It is difficult to estimate what the fees may be for the administration of an estate, as these vary hugely and often an estate of low value can be as complicated or more complicated than larger estates.
We also offer a Confirmation Only service, which includes producing an inventory of the assets & liabilities of the estate based on information provided by you, completion of the Form C1 (Application for Confirmation) C5 (Inheritance Tax Return for Excepted Estates), preparation of the executor's declaration and of the Will. You will then submit the Forms C1 and C5 to the Sheriff Court and receive Confirmation. Speak to us today about how we can help you. Contact us on 01412227951 or complete our online contact form.
Do I Need to use the Solicitor Who Holds the Will for Executry Services?
No, you do not, if you have the agreement of all the beneficiaries, not even if named executor. But where a solicitor has been appointed, they owe a duty of care to the deceased. A solicitor must consider the reasons their client appointed them as executor in the first place, and there are no compelling reasons why that particular firm continues to act, and the beneficiaries have all given their consent, then the solicitor should step down.
What if There is No Valid Will?
Where there is no valid Will, the estate is known as ‘Intestate’, and a slightly different procedure will apply. As there will be no appointed executor, it is necessary to apply to the Sheriff Court local to the deceased’s residence to appoint an Executor. The Executor in most cases will be the next of kin, a child, or a close friend of the deceased. An inventory of all the deceased’s assets and liabilities is then compiled, and a ‘bond of caution’ should be obtained before applying to the Sheriff Court for Confirmation. A bond of caution is an insurance policy to protect against distributing the estate to the incorrect beneficiaries. Once confirmation is granted, the estate can be ingathered. Once all debts are paid, the estate is distributed according to the Intestacy Laws of Scotland.
What are ‘Legal Rights’ to an Estate?
In Scotland, the spouse/civil partner and children of the deceased have rights in the estate known as “Legal Rights”. These rights apply whether the deceased has left a valid Will or not, and apply only to the “moveable” estate, (everything except land and buildings). The rights can be claimed up to twenty years after the date or twenty years after the child claiming turns sixteen, whichever is later.
What are ‘Prior Rights’ to an Estate?
A spouse or civil partner has ‘prior’ rights’ in the deceased person's estate, where no will has been left, which entitles them to the house in which the spouse or civil partner was resident at the time of death, plus a portion of the furniture and furnishings (up to the value of £24,000). Where the home is also a business and worth over £300,000 (e.g. a farmhouse), the spouse or civil partner is entitled to £300,000 of the value of the estate. The spouse/civil partner is also entitled to a portion of the moveable estate – which is a first claim on the estate, before legal rights.
Contact our Expert Executry Solicitors Glasgow, Scotland
Based in Glasgow and serving Falkirk, Edinburgh, Stirling, Livingston, Bathgate, the whole of Scotland and overseas, our team of executry solicitors are here to make your life easier and are committed to fair pricing, which is clear and transparent to our clients. Call us today on 01412227951 or contact us via our online contact form.