Executries – Six Months Rule
20 October 2010
We were asked an interesting question today on the timescale for winding up an estate and we thought you may be interested in what is referred to as the “six months Rule”.
Timescales can vary greatly when it comes to fully winding up an estate. This is because estates can vary in size and complexity and there may be issues of Inheritance Tax to address. It is understandable that families may want an estate wound up as soon as possible. However, it is the duty of the Executor to deal with the matters of the estate. An Executor should be wary of winding up an estate within six months of the date of death of the deceased. Any valid claim made against a hastily administered estate may find the Executor personally liable to meet the claim, even where the Executor is not a beneficiary of the estate.
At Inksters we can advise and assist you through the executry process and should you wish to discuss an executry matter please contact Kathleen Simmonds on 0141 229 0880 or send Kathleen an email.
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