Executry services are often a distress purchase, made when emotions are running high, and as a result, you could find yourself paying much more than is necessary. Executry services are offered by many different business areas such as banks, funeral directors 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.
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.
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.
Contact our Executry & Probate Solicitors Glasgow, Scotland
Our solicitors are executry specialists and are here to make your life easier, and we are committed to fair pricing, which is clear and transparent to our clients. Call us today on 01412227951 or contact us via our online contact form.