Executries

Dealing with a large Estate or one where a house or other properties involved can often be very complicated and time consuming; in the event of any mistakes being made, the Executor is legally responsible. In these cases the Executor is strongly advised to consult a Solicitor.

What are Executors?

Executors are representatives of the deceased who pay off any debts or taxes and distribute the deceased’s property and possessions to those entitled to them.

Who becomes an Executor?

An Executor may be named in the deceased’s Will. If no Executor is named or if there is no Will, your Solicitor or the Sheriff Clerk will arrange for the Court to appoint an Executor who will normally be the surviving spouse or, if there is no surviving spouse, the next of kin.

What does an Executor do?

An Executor must:

i. make an Inventory (a list) of all the money, furniture, savings and any house or other property belonging to the deceased – collectively known as his Estate;

ii. pay Inheritance Tax, if this is due. At the moment the Inheritance Tax threshold is £263,000 although there may be exceptions and allowances which will apply;

iii. obtain Confirmation to the Estate. Confirmation is the legal document which gives the Executor authority to receive payments due to the Estate and to make payments due on the Estate;

iv. engather the Estate;

v. distribute the Estate