EXECUTRIES (THE ADMINISTRATION OF A PERSON’S ESTATE AFTER DEATH)
Executry administration is the term used by solicitors for the work required in winding up the estate of someone who has died. It is an area where it is difficult, and often impossible, to give accurate levels/estimates of fees in advance. It also makes a difference to the amount of work required whether or not there is available a valid Will signed by the deceased – more work and other costs are likely if there is no Will. The work may involve meetings and consultations between the family/executor and the solicitor, collating and valuing the assets and liabilities of the estate, corresponding with financial and other institutions (e.g. banks, building societies, share registrars, employers/pension administrators, DWP, HMRC, council tax departments, factors, mortgage lenders and more), preparing HMRC Inheritance Tax documents, court documents and forms for Confirmation (Scottish equivalent of Probate), dealing with the Sheriff Court processing the forms, ingathering the financial estate (i.e. collecting in all the money), accounting to the executor and liaising with and distributing the bequests and shares of estate among beneficiaries.
There may also be a home/heritable property to sell or settle. That work is not included in any estimate of fees and outlays that we may provide for executry administration. As it is a conveyancing process please see our dedicated page on conveyancing costs.
Outlays may include Court Confirmation dues (at the time of writing £266.00 for an estate worth over £50,000.00 but less than £250,000.00 but please see the Court website for up to date amounts) plus £8 for each individual asset certificate if needed (again subject to increase by SCTS). Further outlays will be incurred if assets need to be independently valued.
If an individual dies without leaving a Will there may be additional outlays and these vary from case to case and can be confirmed with your point of contact should you instruct us. It may be necessary to raise an insurance policy known as a Bond of Caution and the price for that will be dictated by the gross value of the estate.
When we are dealing with executry estates and trusts we may charge commission on revenue and capital. The commission on revenue will not exceed 5% of interest and dividends received. The commission on capital will not exceed 1% on money uplifted from banks and building societies, 1% on policies of insurance and assurance, 1.5% on stocks, shares and other periodical payments and 1% on heritable estate forming part of the executry or trust. In addition, we shall charge an additional fee based on the value of the estate at the rate of 0.5% of the value of moveable estate, 0.5% on heritable property such as houses if transferred or sold and 0.25% on heritage transferred by docquet.
In executries the fee will be assessed by a law accountant and the fee for that assessment will be charged as an outlay to the estate. The amount of that outlay varies significantly and depends on the value of the estate.