Dealing with the death of a family member or friend is always difficult and can be made more stressful by the need to deal with their legal and financial affairs. Winding up the estate or executry administration is the process of gathering in someone's assets, paying any debts and Inheritance Tax, settling any specific or cash bequests and distributing the balance of the estate (the residue) to beneficiaries.
There are various actions that need to be taken when winding up an estate. These depend on the size of the estate, the type of assets owned by the deceased, whether there is a Will, and who the beneficiaries are. The beneficiaries are those legally entitled to inherit the estate of the deceased either in terms of the deceased’s Will or in accordance with the law relating to intestate succession if there is no Will. Court papers, in the form of an Application for Confirmation, may also need to be prepared and lodged along with tax papers relating to any Inheritance Tax due.
How can Thorntons help?
At Thorntons, we look after a wide range of estates, from small to large, bringing peace of mind to clients by dealing with the whole process from start to finish.
We are here to make things as smooth as possible for you. With our many years’ experience of executry administration you can trust us to efficiently and promptly deal with all that is required. Whether or not there is a Will in place, we can take care of everything for you, handling all the paperwork and legalities involved.
We appreciate this can be a difficult time for clients, and with our services available at our local offices ensure advice and support is at hand for them.