What is an Executry?
Executry is the Scottish term used to describe a deceased person’s Estate once it has passed to the executor (the deceased’s representative) for administration. It is the executor’s duty to oversee the estate’s administration and distribution. This involves assessing the value of the estate, collecting any monies owed, settling debts and thereafter distributing the balance of the estate to beneficiaries. An executor is usually appointed by the Will, but if that executor declines the appointment, or if there is no Will, an Executor can be appointed by the Court. In most executries, the appointed executor must make an application to the local Sherriff Court for a Grant of Confirmation (known as probate in England & Wales) before assets can be collected and paid out.
Once Confirmation is granted by the Court and all the debts on the estate are paid, the executor can begin to distribute the assets to the beneficiaries. If the deceased left a Will, the estate will be distributed to the named beneficiaries. If the deceased did not leave a Will (intestate), the estate will be distributed in accordance with ‘rules of intestacy’ set out by the Succession Scotland Act. If the estate is intestate then in most cases a ‘Bond of Caution’ (a special insurance policy) must be obtained before making the application to the Sheriff Court. The Bond of Caution is an additional expense which requires to be paid by the Estate.
What is the role of an Executor in Scotland?
If you are named as an executor in a Will, or are appointed by Court, it will be your duty to deal with the administration and winding up of the deceased’s estate. This includes using the estate funds to pay all outstanding debts and distributing what remains to the beneficiaries. Acting as an executor can be a stressful and difficult experience, especially when you are also trying to deal with the passing of a loved one. It can be a complicated process, particularly if the deceased passed away without a Will as there are extra administrative steps which need to be taken.
How long will the Executry process take?
The time scales depend on whether or not there is a Will, the size of the estate and how complex it is. If the estate is small and uncomplicated, then the process can be relatively simple and straight forward. As Creditors have 6 months to give notice of a debt the process will normally take 6 months as a minimum. If the estate is large and consists of high-value or complicated assets, such as shares, land or other types of property, it can take up to a year or longer to complete the Executry process.
How can Boyd Legal’s Executry Solicitors Help?
Our experienced Wills and Executry solicitors can provide clear guidance to assist you in the administration of a deceased's estate, whether you are an Executor or simply a concerned family member. We can advise on all aspects of Executry law and guide you through the entire process.
We can assist with:
- Compiling an inventory of the deceased’s assets
- Arranging for a valuation of their assets
- Making an application to the Sheriff Court for a Grant of Confirmation/Bond of Caution (if required)
- Assessing inheritance tax liabilities and completing HM Revenue and Customs forms
- Handling the sale of any property or land in the estate
- Assisting in the form filling in order collect monies or settle debts
- Arranging for the transfer or sale of any shares
Contact our Specialist Executries/Probate Lawyers Edinburgh Today
Our solicitors can help you through the process. We have branches in Edinburgh, Glasgow, Aberdeen, Inverness and Kirkaldy. To speak to one of our friendly and approachable team at Boyd Legal, contact us today using our online contact form.