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Bond of Caution Exectury Lawyers ScotlandIf you have been named an executor in a will, or have been appointed as such by a court, our experienced solicitors can assist you in all aspects of the winding up process. It is crucial to obtain a bond of caution if this is a legal requirement in respect of the estate. Our lawyers will identify whether a bond of caution is needed and, if so, will ensure that this is obtained quickly and efficiently. 

For advice on any of the below information and on all aspects of executries contact our solicitors today on 0141 222 7951 or request a callback by completing our online enquiry form.

"How refreshing after so many years to find a Solicitor Firm with such professionalism and attentiveness - Communication and sensitivity was exemplary." - John Clarke
probate in scotland

History

Bonds of Caution were originally required to be obtained in every Executory Estate. Since 1823 this condition has been relaxed.

Purpose

A Bond of Caution is a fidelity guarantee designed to protect the inheritance of the beneficiaries of an Executory Estate from the dishonesty of the Executor.

Requirements

A bond of Caution is required in most Estates where an executor has not been appointed in terms of the Will. This obviously covers any Estate where there is no Will.

The exceptions to his rule are-

  • Where there is no Will and the spouse or civil partner inherits the whole Estate; and
  • Estates with a gross value of < £36,000 (Small Estates) and where the Executor-dative applies to the Sheriff Clerk to prepare the Inventory and Form C1.

For more information on whether you need a bond of caution to wind up a loved one's estate, click here

Providers

There are currently two companies authorised to provide Bonds of Caution-

  • Royal and Sun Alliance Insurance; and
  • Zurich Insurance

Conditions

The Bond of Caution will only be provided by the insurance companies if a firm of solicitors is instructed to administer and wind up the Estate.

Costs

The fee is based upon the gross value of the Estate. The minimum fee charged by the insurance companies is around £250.00.

"I instructed Wilson and Fish to administer my aunt’s estate in Scotland. I received a thoroughly professional service from them from start to finish. At the outset they clearly set out their fee structure which was very fair and proportionate. They assisted me every step of the way in discharging my obligations as an executor. Donna in particular was very attentive to detail and gave me very helpful advice when I needed it. I cannot recommend this firm highly enough. I have no complaints whatsoever. They are excellent at what they do."

- Elisabeth Todd, Scotland, January 2020 5stars

Request a Callback from our Expert Executry Probate Solicitors Glasgow, Scotland

Our executry solicitors in Glasgow, Scotland, can help you to wind up the estate of a loved one in Scotland quickly and effectively. Based in Glasgow, we help clients throughout Scotland including Ayrshire, Edinburgh, Aberdeen, Dundee, Paisley, East Kilbride and Stirling. If you are an executor of an estate in Scotland and looking to obtain Confirmation and to wind up the estate, contact our solicitors for a quote on 0141 222 7951 or complete our online enquiry form.

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