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JGM, Solicitor
Category: Scots Law
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Experience:  30 years as a practising solicitor.
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What are the final steps in winding up an estate in Scotland? Wifes

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What are the final steps in winding up an estate in Scotland?

Wife's aunt died several months ago leaving very small estate, less than £10,000. No house or land involved. Survived by her remaining elder sister (90's). Younger brother died a few years ago. Never married, no children.
Her Will nominated the bank manager or his successor as only Executor. Current manager renounced position as Executor and nominated myself to act as Executor.

Assisted by funeral director, all Registrations etc carried out. All monies have been gathered in. All expenses/debts paid off. House cleared and items disposed of. Possession of house returned to housing authority. Dept of Pensions aware and have received over payment back.

No institution or organisation required Confirmation to be obtained, therefore none sought.

All monies gathered in have been lodged in a new bank account opened for the purposes of dealing with the Estate.

Terms of Will:
1. Niece (my wife) to receive all monies from Building Society + a specified vase.
2. A named person to choose any item from house.
3. Surviving sister to receive everything else.

1 and 2 have been completed....there was no money in any building society, account closed a few years a go.

Is there any final legal requirements before I release the monies? Is ther any final court procedure to be carried out?

Many thanks for any help.
Thank you for your question.

On the assumption that your wife's aunt was not a taxpayer and there is no final tax return to be completed you are free to distribute the estate to the beneficiaries in accordance with the will.

I hope this helps. Please remember to leave a positive rating so that I am credited for my time.
Customer: replied 3 years ago.

Thank you for the reply.


 


Not sure if she was a tax payer. Never found any correspondence relating to tax. However, just checked tax allowance for 2012/13 for person over 75 (she was 87), appears to have been £10,660.


 


Checking her last few bank statements she appears to have income totalling £1,572.13 per month. (pension from DWP and a works pension).


total £18865.56. I assume any income tax has been paid at source.


 


I've done some more internet searching and believe there is a C1 and C5 form to fill out at the Sheriff court.


 


Figures I have so far


Gross value £11,480.33


less funeral and other expenses £3772.87


net value £7,700.43


which would mean no inheritance tax.


 


I take I will have to attend Sheriff court to have figures checked and submit forms. Or have I missed something?


 


Ronnie


 

The pension will have been taxed at source so there would be no reason to suggest that she completed an annual tax return.

You said that no Confirmation was requested by any party. This was because of the low value of the estate. Accordingly you definately don't want to go anywhere near the court. C1 and C5 forms are applications for Confirmation. You already have the funds so you don't need to be confirmed by the court as executor.

You are free to distribute the estate as per the will as advised above.
Customer: replied 3 years ago.

That is brilliant news!


 


Any possible comeback due to not completing C1 and C5 forms?


 


Will doesn't need to be lodged or registered with court or anywhere else?


 


Not worried re- further claiments turning up. She was definitely childless and relationship with mother-in-law is excellent.


 


Thanks.


 


Ronnie

No, you only need confirmation if the banks etc ask for it. You have the funds already so you don't need Confirmation.
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