Here we explain the language and legal phrasing in a little more detail to help you.
Any property or possession which has a cash value.
The laws relating to inheritance and property in Scotland are very different to other parts of the United Kingdom (apart from the taxes that need to be paid on estates). In England this is called probate, in Scotland this is called ‘confirmation’.
In Scotland, a ‘small estate’ is classed as an estate with a total value of less than £36,000. These can be dealt with by private individuals (such as yourself or family members), although the requirement for confirmation is decided by the company you are dealing with.
If you need some more support then the staff at the Sheriff Clerk’s office will be able to help personal applicants with the necessary forms and confirmation once all the information needed has been gathered.
If the estate is larger than £36,000 and, especially if a property is involved, we recommend the use of a solicitor.
A document which confirms the value of the remaining cash and/or stock held within the account at the time of death. The valuation will help the executor to determine if a Grant of Confirmation (in the UK this is called a Grant of Probate) or Small Estates Form (PDF, 60kb) is required.
A certified copy of the entry made in the Death Register. For a fee, the registrar will be able to provide a number of certified copies to save time when you’re registering claims with various companies.
Distribution of assets
Distribution of the assets refers to the process of selling assets held within a share dealing account as instructed by the named executor of the account. It can also refer to the executor’s choice to transfer assets held to an account in their own name or the withdrawal of assets onto a certificate.
Executor / administrator
As executor-nominate or dative (executor or administrator in UK) you may have responsibility for one or more of the following:
- Registration of the death
- Arranging the funeral service
- Paying urgent expenses i.e. funeral costs
- Obtaining legal documents (grants)
- Informing financial organisations such as banks, insurance companies, pensions
- Listing all the assets and liabilities of the estate
- Paying any tax liabilities i.e. inheritance tax
- Appointing trustees if required for beneficiaries of the will
Grant of Probate
In England, a grant of probate is an official document issued by the Probate Registry which the executors may need to administer the estate. This document will only be issued once the Probate Registry has received the necessary application forms from the named executor, the will’s validity has been checked, and any owed taxes are paid.
If the estate is small, or if it’s held in joint names and passes automatically to the surviving owner (as is often the case with married couples), you may not need to apply for probate.
If there’s a will, you’ll need to get a Grant of Probate; if there isn’t a will, you’ll need to get Letters of Administration (in Scotland this is called a Grant of Confirmation).
Rules of intestacy
When a person dies without leaving a will they are described as dying intestate. Certain legal rules called the intestacy rules will determine how the person’s estate is distributed.
A deal to buy or sell an investment such as shares.