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Category: Private Client


Published: 25 July 2024

The Executor’s Responsibility and how we can assist at Livingstone Brown

We appreciate how stressful the estate process can be for Executors, especially in the aftermath of a bereavement, and our friendly solicitors will be there to support and guide you throughout every step of the process. Being appointed executor of an estate is a huge responsibility. Due to the potential pitfalls such as the risk of incurring personal liability for debts of the deceased, complicated inheritance tax calculations, and the potential for legal rights and other claims, most executors require legal advice about how to administer the estate.

At Livingstone Brown, we have been offering estate and executry services to our clients for over 50 years and have a wealth of experience in this area of law to support them and make the process as smooth and problem-free as possible.

Being a long-standing and reputable law firm qualified in inheritance law in Scotland, our executry team is in a position to offer our clients top quality advice in a friendly and clear way. Our aim is to navigate through all aspects of estate including identifying and valuing the assets of the estate and dealing with the Courts and HMRC. Livingstone Brown have won numerous prestigious awards in recent years and were nominated as finalist Family and Private Client firm of the year in 2023 by the Herald Law Awards.

At the outset of the executry process, we will review your loved one’s list of assets and make all relevant inquiries. We will identify any assets that might be high value, unusual or otherwise need special consideration and we can arrange for professional valuations whenever needed. We routinely deal with complex estates with unique aspects. We ensure that all estate assets are properly valued, and calculate the correct amount of Inheritance Tax payable.

Regarding our own fees, we offer a transparent fee structure which is clearly explained and reflected in our terms of business. The basis of feeing is the amount of work that requires to be done and not the size of the estate, and any fee notes are accompanied by itemised time statements. By winding up estates as efficiently as possible, we are able to minimise client exposure to fees. We update clients on fees incurred during the course of the case to keep them fully aware of any additional costs, such as court fees and outlays. We also make sure that our service levels meet client expectations.

Our approach to estates is comprehensive in order to take all the pressure off our clients, and we make sure the work is conducted promptly and efficiently. Our level of service ensures that the correct information is obtained and the court documentation is carefully and accurately presented.

Executry administration takes time. At present, administration of a typical estate may take between eight and twelve months. We consider it is vital to be completely candid with clients from the outset about how long things may take, so that the expectations of executors and the beneficiaries who may be pressing for their shares, are kept realistic.

Being an executor of a loved one is a privilege but is also a risky undertaking. There are instances where things can go wrong and an executor may become personally liable for the debts of the estate. There also might be challenges by potential legal rights claimants. Problems can also arise should distributions be made to beneficiaries within the first six months; or if they fail to declare an estate as insolvent. We will take care to identify and explain the risks involved and take all appropriate measures to address these.

As well as our executry team at Livingstone Brown we offer full family law services and can assist you with Guardianship, Wills and Powers of Attorney. A law firm that can assist you in all your private law matters will benefit you in enabling you to have your affairs dealt with in a comprehensive way which will save you time and money.

 

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