Understanding Estate Administration
Estate Administration refers to the process of gathering and distributing the deceased's estate, which includes their property, money, and possessions. It involves several steps to ensure the accurate identification of assets and liabilities and the orderly distribution of the Estate.
Instructing an Experienced Estates Solicitor
Administering an Estate can be a complex and time-consuming process, especially for larger or more intricate estates. Executors have the option to seek professional help by instructing an Executry Solicitor to assist them with the Estate Administration. Hiring a Solicitor can provide valuable guidance and expertise, ensuring that the Estate Administration is carried out efficiently and in compliance with the relevant laws and regulations.
Timeframe for Estate Distribution
The duration of the Estate Administration process varies depending on the complexity of the estate. In general, an estate should not be wound up within the first six months following the death. This allows sufficient time for creditors to come forward with any outstanding claims. However, more complex estates may take longer to administer due to factors such as disputes, tax considerations, or the need to sell assets.
Distribution of the Deceased's Estate
The distribution of the deceased's estate depends on whether they left a valid Will (Testate) or not (Intestate). If the deceased left a Will, they would have nominated beneficiaries who will receive specific assets or a share of the estate. If the deceased died Intestate, the laws of Intestacy govern the estate distribution. In this case, the estate will be distributed to the deceased's closest living relatives following a specific order of priority outlined by the law.
Instructing Kee Solicitors to Manage your Estate Administration
Having an experienced Estates Solicitor on hand to help you understand the complexities and sensitivities involved in Managing Estate Administration as part of the Executry Process in Scotland.
Involving an Estates Solicitor early in the process is crucial for seamless and legally sound Estate Administration. Our team of seasoned Estate Solicitors are well-equipped to guide you through this complex process. We will help you in understanding the legal requirements involved in your role as an Executor, including providing clear, concise explanations of the legal processes involved, ensuring all requirements are fulfilled in accordance with strict legislation and the wishes of the deceased as outlined in the Will or governed by the law of Intestacy.
Get in touch with our experienced Executry team today on 0141 478 9090 for our Glasgow office, 01224 002 556 for our Aberdeen office, or click here to make an online enquiry and arrange your free initial consultation.