Many people choose to move abroad to pursue work opportunities, or to start a new life overseas. This can lead to complications when it comes to administering an estate, with assets based in the country that the person lived, but also in the country of their birth.
For executors charged with administering an overseas estate with assets in Scotland, this scenario can easily lead to further confusion and stress at an already difficult time. Having the support of a professional and reliable team of locally-based executry solicitors can be hugely beneficial, providing clarity and certainty to help you carry out your role as executor as effectively as possible.
The executry lawyers at Wilson & Fish provide a specialist service for professionals and executors based in overseas jurisdictions who have responsibility for administering the estate of someone who died abroad, but who held assets in Scotland. We can offer clear, reliable legal advice on all relevant procedures in Scotland, as well as taking instruction to administer Scottish assets on behalf of the executor.
Administering Assets in Scotland
Scotland has a separate legal system from the rest of the UK – as a result, the probate process differs from those that are followed in England, Wales and Northern Ireland. While probate may have been obtained in another country, an executor may also have to apply for probate – known as ‘confirmation’– in Scotland, or make an application to the Court in Scotland to have the probate ‘resealed’.
Our solicitors can provide guidance on all aspects of the Scottish probate system, or handle any of the following steps on your behalf:
- Cataloguing of assets based in Scotland
- Instructing valuation of Scottish assets
- Applying for confirmation in the relevant Sheriff Court
- Issuing confirmation to third parties
- Paying outstanding debts and liabilities
- Preparing executry accounts for Scottish assets
- Preparing UK Inheritance Tax returns
- Transferring assets to beneficiaries in Scotland and overseas
Paying Inheritance Tax on Scottish Assets
In the UK, Inheritance Tax is an estate tax payable on the net estate prior to its distribution to beneficiaries. When the deceased lived overseas, the complex rules on domicile can create added complications when it comes to establishing UK tax liability. The probate experts at Wilson & Fish can provide advice on a comprehensive range of tax issues, as well as guidance on tax exemptions and reliefs that may be available in respect of Scottish assets.
Contact our Expert Executry & Probate Solicitors Glasgow, Scotland
Our executry and probate lawyers are friendly and approachable and will be happy to speak with you to discuss matters in detail and to answer any questions you may have, at a time of your convenience. Throughout your dealings with us, our lawyers will endeavour to provide you with information that is clear and concise. We can explain all requirements straightforwardly and without resorting to legal jargon and will keep you up to date with developments at all times.
Our solicitors are based in Glasgow and service clients in Scotland, including Ayrshire, Falkirk, Edinburgh, Aberdeen, Dundee, Paisley, East Kilbride and Stirling. Call us today on 0141 222 7951 or fill in our online enquiry form to find out how we can help.