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Winding Up Estates
If EBS Trustees have been appointed as an executor, we will wind up the estate. If not, we are happy to be appointed by the executors to act as their agents. At what is a very stressful time for a family, appointing someone to wind up an estate can lessen the burden and ease some of the stress.
At the outset the process can begin differently depending on whether a Will has been made or not (see our Wills section). If a Will has been made, then executors will already have been appointed and can begin to act straight away. If there is no Will (intestacy), then application will need to be made to the Court to have executors appointed. In most cases where there is no Will the court will ask to have, what is called, a Bond of Caution (pronounced kay-shun) put in place. This is a type of insurance and will add to the cost of winding up the estate.
The duties of Executors are varied and can be quite onerous. The process can be simplified if the estate is likely to be under £36,000 and the family may be able to wind up the estate themselves with the help of the local Sheriff Court. If it is over £36,000 it is unlikely they will be able to do it themselves.
EBS Trustees have great experience in the winding up of estates, ranging from very modest to very large multi million pound estates.
Should you require any further information or advice on this subject, please do not hesitate to contact us.
Nothing on this website constitutes legal advice and EBS Trustees accepts no liability for any actions taken by any individual in reliance of what is written here.
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