Executor nominate meaning

A glossary of frequently used terms and phrases in Scottish Private Client law, with the closest England and Wales equivalents (where applicable) and links to helpful websites Ab intestato Meaning From someone who dies without a will; describes property taken under the laws of intestate succession. Nearest English equivalent None Action of specific implement Meaning A court action seeking an order compelling a party to carry out a particular act. In Scotland there is no division between equitable and legal remedies, unlike England and Wales. Nearest English equivalent Specific performance (an equitable remedy for breach of contract that can be ordered alongside, or in place of, damages) Advance notice Meaning An entry in the relevant property register that protects the grantee of a deed intended for registration in the Land Register of Scotland. The protected period of 35 days begins on the day after registration....

There are principles to weigh when advising a testator on appointing executors of their estate, trustees of any Will trust, and guardians for any minor children they may have. In addition to those principles, a testator must also reflect on whether proposed appointments are appropriate in light of their family and personal circumstances. There are typically several factors to review, and the principal points for consideration are identified below. Executors An executor is the person named in the Will to give effect to its terms and to administer the testator’s property and affairs. For further guidance, see Practice Note: Definition of a personal representative. Leaving out the appointment of one or more executors does not make a Will invalid. Nonetheless, such an omission is not advisable, because it creates a period after death when no one is in control of the testator’s estate and affairs. The following points outline how appointments may arise in practice in this context. expressly by Will impliedly by...

This is a glossary of common words and expressions used in Scottish insolvency law with the nearest England and Wales insolvency law equivalent (where relevant) Absolute insolvency Meaning: When a person’s liabilities are greater than the overall worth of their assets. Nearest English equivalent: Balance sheet insolvency. Accountant in Bankruptcy (AiB) Meaning: A Scottish Government agency overseeing the regulation of personal bankruptcy (sequestration and Protected Trust Deeds) in Scotland, and able to serve as trustee in sequestrations where no insolvency practitioner is appointed. It also maintains records of corporate insolvencies in Scotland (receivership and liquidations only) but does not perform the role of Official Receiver. See Practice Note: Scotland: the Accountant in Bankruptcy. Nearest English equivalent: N/A. Accountant of Court Meaning: A court-appointed officer within Scottish Courts and Tribunals who administers funds consigned to the Accountant of Court pursuant to a Court of Session interlocutor or during liquidation proceedings. They oversee Judicial Factors or Administrators appointed by the Court to manage estates...