Sharing the burden
The death of a relative or a friend can be a traumatic experience for those asked to take on the responsibility of handling the personal affairs of those who have passed away.
Stronachs’ goal is to guide executors through the legalities, helping to alleviate some of the stresses involved in the event of a death.
We have a long history of assisting clients and their families with the administration of estates, and are able to answer and address questions or concerns for those asked to act as executors.
Our team will work with you to ensure that your duties are discharged fully and properly.
Where a person dies without a will (“intestacy”), Scottish intestacy law directs how the estate is to be distributed and we will advise you of the rules to ensure the correct beneficiaries are identified.
In the vast majority of cases an executor will be required to wind up an estate. If no executor is appointed under a will, or an executor appointed under a will is not able to act, we will take the necessary steps to appoint a new or replacement executor.
Identifying assets of the estate can be a difficult and emotional process. We will work with you to ensure a full inventory is created for the purposes of obtaining Confirmation (the Scottish equivalent of “probate”).
We will work with executors to ensure tax efficiency is achieved, applying for and securing reliefs through deeds of variation and disclaimers, where assets are sold at a gain or at a loss, and when the estate is exposed to inheritance tax. We will also arrange for the deceased’s final income tax return to be completed and submitted to HMRC.
We will advise executors of any entitlements certain family members may have to a minimum share of an estate, in order to protect them from potential claims. Separately, we can also advise individuals who think they may have a claim against an estate, or who are thinking of contesting a will.
To make an enquiry, please contact a member of staff below or call 01224 845 845
Private Client News & Insights
The Winds of Change are Cold
The General Economy
Following Jeremy Hunt’s first budget back in October the changes, or lack thereof, of previous Chancellors will really begin to bite for taxpayers in 2023. The UK, and global, economy is still recovering from the major impacts of a global pandemic and the ongoing war in Ukraine. Although we may manage to stave off a technical recession it is likely the UK economy will contract for at least one quarter. Inflation, the measure which tracks the general price of goods and services over time, remains one of the highest in Europe, threatening to push more people into poverty and erode wealth for those with significant assets.
Nominated for 25 Emmy Awards this year, the HBO series ‘Succession’ has captivated audiences and may well have prompted clients to contemplate how best to plan for succession to their estates.
Drafting a Will for lead character, Logan Roy, would require a bespoke approach, to take account of his vast wealth across multiple countries. Here we consider an appropriate Will structure, together with some other key points to explore when creating a fitting testamentary writing for Logan.
Calling all Trustees – Three Week Deadline
What is The Trust Registration Service?
The Trust Registration Service is an online service which assists Trustees to adhere to their registration obligations under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
New regulations came into force in October 2020. The new regulations mean that there is an increase in the number of trusts that fall into the ‘need to be registered’ category.