Executry (Probate) Fixed Fees & Costs Scotland
One of the first things many people ask is "how much will it cost to wind up my loved one's estate?" This is perfectly understandable. We all want clarity at what can seem like a very unclear time.
Executry services are offered by many different businesses such as solicitors, banks, and accountants, and it can be difficult for a recently bereaved to decide who to turn to for reliable and trustworthy advice at a reasonable price. Getting a fixed price fee or a reliable fee quote is therefore essential.
Comparing Fee Quotes
Understanding the difference between a FIXED FEE QUOTE and FEE ESTIMATE is very important. Many firms will offer a Fee Estimate but they will not be bound by this and can and often do charge more than the Fee Estimate.
A Fixed Fee Quote is fixed and will cover all of the work set out in the Quotation.
Before a solicitor can offer reliable Quote or Estimate, they need to understand exactly what work is involved in administering and winding up the estate. At Wilson and Fish we do a detailed Fact Find before issuing a Fixed Fee Quote or a Fee Estimate. In this way, we are not quoting “in the dark” and our quotes are reliably informed for us and for you.
If you are comparing fees should ensure that you obtain a Fee Quote and a Breakdown of the work included in the fee quote.
What will it cost to wind up an Estate?
At Wilson & Fish we provide legal expertise and excellent service at a fair price.
Different providers have different methods of charging fees. A fee based on a percentage of the estate value is common. The percentage can vary from 2% to 5%. Which.co.uk have written an independent and informative article on the costs charged.
Wilson & Fish never charge a fee based on a percentage of the estate. It makes no sense to us. We charge a fee based on the time involved in completing the work. We estimate this and fix this at the start when we issue a fixed fee quote or fee estimate.
Our fee quotes are based upon the complexity of the estate and the resulting work required to administer and wind up the estate. We can offer a fixed fee quote in most cases.
Sometimes if the estate is complicated then we will only be able to provide an estimate of our fees.
If you are comparing fees you should ensure that you obtain a fee quote and a breakdown of the work included in the fee quote.
To give you an idea of the sort of fees we charge here are examples:
In January 2023 we provided a Confirmation Only Service for £1,200+VAT
In September 2020 we completed the winding up of a Testate small Excepted Estate with one executor and one beneficiary. The cost was:
In November 2020 we completed the winding up of a Testate large Excepted Estate with two executors and six beneficiaries. The cost was:
In December 2020 we completed the winding up of Large Estate which included IHT considerations, 6 Beneficiaries and 10 Legatees and our fee was:
Costs of Probate in Scotland
Often when the deceased use a bank to draw up their Will, they will be persuaded to appoint the bank as co-executor. The bank charges are usually based on the value of the estate, however, some charge for work done by the task or hour, and many charge for both. Banks regularly charge much higher fees than solicitors; between 4% and 5% of the value of the estate – this could mean hefty charges depending on the size of the estate.
Solicitors, on the other hand, are subject to strict regulation by the Law Society of Scotland to ensure that they deliver a fair service. Solicitors are required to be transparent about fees and charges from the outset of their relationship with their client, and to charge a fee that is ‘fair and reasonable’ to their clients. Solicitors are also required to have insurance, while the Law Society of Scotland also provides a compensation fund for when things go wrong. With the agreement of all the beneficiaries, it is possible to ask the bank to step down from the executor role; if the bank refuses, however, you will have to apply to the court to remove them.
Confirmation Fees Scotland
Other business types providing executry services do not have the same protection or rules and can be a riskier choice for consumers. Choosing a solicitor to handle often highly complex executry work ensures a high level of service and expertise, plus guaranteed consumer protection.
Get started now
Take the first step in winding up your loved ones' estate by filling in our simple form and requesting a call back.
One of our expert solicitors will be in touch to discuss the estate with you and to explain fees and timescales.