The Cost of Estate Administration...
Discussion
If it is stated that a family member and a solicitor are nominated/appointed as executors in a Scottish will, how would this operate in practice?
Presumably, even if some of the legwork could be delegated to the (competent) family member, the professional solicitor would be taking on 'full' 'legal responsibility' (as they could be held liable in the event of any issue) and for this service, they would rightly need to be paid.
Regarding costs... How and when would these be agreed?
I appreciate that this could be a how-long-is-a-piece-of-string question, but there are clearly hourly rates and ad valorem fee models, some of which I have seen noted as 1-3%...
I don't think I've ever seen a will where the prospective costs of estate administration was stated.
Where there is a solicitor appointed (even if only as joint-executor) does this create a binding contract upon death, placing the solicitor in the driving seat with carte blanche to charge whatever 'reasonable' (as per the Law Society guidance) fees he sees fit?
Presumably, even if some of the legwork could be delegated to the (competent) family member, the professional solicitor would be taking on 'full' 'legal responsibility' (as they could be held liable in the event of any issue) and for this service, they would rightly need to be paid.
Regarding costs... How and when would these be agreed?
I appreciate that this could be a how-long-is-a-piece-of-string question, but there are clearly hourly rates and ad valorem fee models, some of which I have seen noted as 1-3%...
I don't think I've ever seen a will where the prospective costs of estate administration was stated.
Where there is a solicitor appointed (even if only as joint-executor) does this create a binding contract upon death, placing the solicitor in the driving seat with carte blanche to charge whatever 'reasonable' (as per the Law Society guidance) fees he sees fit?
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