What is Scottish equivalent of probate?
What is Scottish equivalent of probate?
Confirmation
Confirmation in Scotland, or probate in England and Wales, is the process by which the validity of the deceased’s will (if one exists) is proved and the executors’ legal authority to uplift and distribute the deceased’s assets is confirmed by the courts.
What are the rules for probate in Scotland?
The specific rules that will apply in each case will be determined by the value of the Scottish assets and the relationship between Scotland and the country where the deceased resided. Depending on the value of the deceased’s estate and length of time they have been living abroad, there may also be UK tax implications for the estate.
Where to get legal advice for an estate in Scotland?
If the estate is a large estate, we would recommend seeking legal advice. The Law Society of Scotland can provide contact details for solicitors in your area. The procedures are also different depending on whether or not the deceased left a will.
How much does it cost to administer an estate?
Fixed fees for the administration of an estate start from £4,500 plus VAT (£5,400), this would be for an estate that does not have a liability to IHT, has a valid and simple Will, no more than 5 assets and only one or two beneficiaries. By contrast, an estate with the following features:
Do you need a Scottish solicitor for a Scottish estate?
Only a Solicitor who is qualified in Scots Law can advise Executors in relation to the administration of a Scottish estate. If a house or land located in Scotland forms part of the deceased’s estate, the Executor will need to instruct a Scottish Solicitor in order to deal with its sale or transfer.
How does an executor of an estate in Scotland work?
The executor must take reasonable steps to ascertain any debts due by the estate. However, provided the executor has obtained confirmation of their position from the court (the Scottish equivalent of probate and letters of administration), their liability is restricted to the value of the deceased’s estate.
How long does an estate have to be distributed in Scotland?
Alongside debtors, the estate should not be distributed for a minimum of six months to allow individuals connected to the deceased to also put in a claim. Under Scots law, the prior rights are in favour of a spouse or civil partner of the deceased.
If the estate is a large estate, we would recommend seeking legal advice. The Law Society of Scotland can provide contact details for solicitors in your area. The procedures are also different depending on whether or not the deceased left a will.
What do you need to know about probate in Scotland?
They must give the value of the gross and net estate of the deceased and they must swear that they will ensure that the estate will be distributed in accordance to the law and the terms of the will. It will also be necessary to submit an Inland Revenue Account setting out all the assets and liabilities in the estate.