Our fees are fixed and agreed in advance, whether you require us to obtain Confirmation on your behalf or take care of the entire estate administration process.
What is Confirmation?
A Grant of Confirmation is the Scottish equivalent of a Grant of Probate.Confirmation is a legal document which gives the executor/administrator the authority to act on behalf of the deceased.The document is required by banks, insurance companies, other financial institutions and for the sale of property.In order to fulfill your duties as executor; receive payments owed to the estate and make payments due on the estate, you`ll need to produce the Confirmation document.
Do I Need to Apply for Scottish Probate?
Confirmation may not be required for small estates whereby simplified rules apply.This is normally in cases where the value of the deceased`s estate is less than £30,000.Confirmation can be obtained under the Small Estates Act through The Sheriff Court; you can find your nearest office here.
How to Apply for Probate in Scotland
The deceased`s representative can apply by completing an inventory form C1 together with the necessary paperwork to the Sheriff Court.C5 (Return of estate information) must be completed for excepted estates – where no inheritance tax is due.Estates that exceed the nil rate band must complete a full inheritance tax return, form IHT400.
Testacy in Scotland
In Scotland, Executors are known as Executor-datives (male) and Executrix-datives (female).An executor becomes the deceased`s representative and is responsible for the valuation of assets, inheritance tax, obtaining Confirmation, collecting monies owed, settling debts and ultimately the distribution of assets to the beneficiaries.
Executor-datives should not distribute any of the estate to those entitled to it until a period of 6 months has passed since the date of the death. This is to allow individuals or companies with a claim on the estate to make their intentions known.
It is possible for an executor to handle an estate without legal assistance.In cases where inheritance tax is owed, assets are spread widely between different institutions or overseas or there is likely to be a dispute, it is recommended that legal advice is sought.Probate in Scotlandcan be very complicated and the process is time consuming. Plus, if any mistakes are made, the executor is held legally responsible.
Intestacy in Scotland
If there was no will made by the deceased, anyone entitled to inherit or the next of kin must apply for Confirmation as set out by law.A petition for the appointment of an executor-dative is lodged with the Sheriff Court.The Succession Act 1964 (Scotland) will determine the distribution of the estate.
The executor-dative must obtain a bond of caution from an insurance company to ascertain they will distribute the estate in accordance with the Succession Act. This is lodged at the Sheriff Court along with the inventory form C1.
Scottish Succession laws are highly complex and it is recommended that you seek legal advice immediately.If you need assistance with Scottish probate law, contact IWC now.