Dealing with the death of a loved one isn't easy. Following registering the death and arranging the funeral you might be unsure what to do next to sort out their estate.
Their estate is everything they owned when they died which could include assets such as a house and savings. What needs to be done really depends on the assets the person held and the terms of their will if they had one and a solicitor can guide you through the whole process. If the person had little in the way of assets then it may be possible for you to deal with things yourself, however if the person owned their own property confirmation will be required. Confirmation is the Scottish equivalent of probate. The person's executors who are the people appointed to deal with the estate either in the will, or appointed by court if there is no will, have to obtain confirmation in order to deal with the person's estate.
To obtain confirmation an inventory of the person's assets and their values is submitted to the court. Once the court has granted confirmation the person's property is sold and the assets gathered together from the banks and other institutions. This is then used to settle any debts and pay out funds as per the will if there is one. In cases where there is no will then an executor will have to be appointed by the court, a form of insurance called a bondification is needed and the people who inherit are predetermined by the law.
If inheritance tax is payable on an estate then it has to be paid before confirmation is issued by the court. Banks will release funds early to pay inheritance tax due and we can discuss other options with you about how payment is to be made if needed. If you are faced with dealing with a person's estate on their death we can help you through the whole process.
For an initial no-obligation discussion please get in touch today using the enquiry form or the phone number on our website.