Deceased Executry Estates
The firm’s fee for attending the full administration of a deceased Executry Estate is based on the time spent plus a percentage of the value of the estate and of the funds intromitted with and will be assessed by an independent Auditor of Court or a Law Account when the matter is complete. The maximum percentage commission charges (if applicable) are as follows:-.
|
Transfer of Heritage by Disposition |
0.5% |
|
Transfer of Heritage by docquet transfer |
0.5% |
|
Certificate of Confirmation for Moveable estate |
0.5% |
|
Transfer of Moveable Estate |
1.5% |
|
Realising capital |
1.5% |
|
Realising capital for reinvestment |
0.75% |
|
Investing capital |
0.75% |
|
Collection of income |
5% |
If a property is to be sold or transferred then any work will be charged separately, in addition to the fee for the Executry administration. The fee for the conveyancing element of any such sale or transfer will be assessed by an independent Auditor of Court or Law Accountant on completion, unless a fixed fee has been agreed at the outset with the firm’s Property Law department. (Please note that if property is to be transferred to a beneficiary then that beneficiary may also require to consult an independent firm of solicitors to represent his /her interests which will incur costs for them which may or may not be able to be met from the Executry Estate.)
Our work dealing with a full Executry Estate will encompass:-
- obtaining initial information from the Executor(s) regarding the assets and debts (if any) of the deceased’s Estate;
- initial fact finding to ascertain the extent of the assets/debts of the deceased (e.g instructing an asset search) if required;
- completing the application to the court for the Grant of Confirmation;
- completing and submitting the abbreviated Inheritance Tax return to the court (or full Inheritance Tax return to HM Revenue and Customs, if required);
- arranging for payment of Inheritance Tax from the deceased’s estate, if applicable;
- exhibiting the Grant of Confirmation to the asset holders and ingathering the assets of the estate and/or having assets transferred to beneficiaries;
- preparing a full accounting of the estate administration for approval of the Executor(s) and circulation among the beneficiaries;
- making payments of inheritance to the beneficiaries and obtaining receipts;
- attending to the self-assessment tax obligations, if applicable, of the Executry Estate during the estate administration period;
Our work administering an Executry Estate in full will not encompass (unless instructed and agreed separately) the following:
- carrying out any Inheritance Tax planning or succession planning for any of the beneficiaries (e.g. Deeds of Variation / Deeds of Family Arrangement);
- undertaking the property law work necessary to implement the sale of a property within the estate or the transfer of such property to a beneficiary.
