SCHEDULE OF CHARGING - 5. EXECUTRY ESTATES & TRUSTS

(A.) ADMINISTRATION OF EXECUTRY ESTATES

Unless otherwise agreed, the following may be charged in accordance with Part 3.


  1. Making all investigations to ascertain the particulars and value of the estate passing on death, (including inter vivos gifts), debts and encumbrances affecting the estate and the estate to be included in the appropriate inheritance tax accounts.

    (Where stocks and shares are held by a nominee company or under a portfolio management arrangement, the minimum rate for investigation will be 0.25%).

  2. Preparing and giving up inheritance tax Inventories and other accounts.

  3. Preparation of deeds implementing provisions of will or intestacy.

  4. Calculations and discharge of prior rights, legal rights, deeds of election where formal deeds prepared.

  5. Receipts or discharges for pecuniary and specific legacies.

  6. Discharges of provisions and residues. (NB Discharges will normally be prepared by the solicitor for the trustees or executors and paid for by the estate, but a beneficiary who is independently advised shall pay his own solicitor‟s revising fee.

    Residuary legatees entitled to payment at different dates shall each pay for the discharge granted by them and for the conveyance and transfer of their share of the estate unless the trust deed otherwise provides.)

  7. Discharges of trustees or executors not otherwise provided for, including ratifications by beneficiaries.

  8. Dispositions, assignation or conveyances of a beneficial interest.

  9. Examining deeds on behalf of beneficiaries concurring in conveyance.

  10. Expeding special or general service.

  11. Appointment of executor-dative and preparing bond of caution.

  12. All tax work in respect of income tax, capital gains tax, inheritance tax and stamp duty land tax, etc.

  13. Any other individual items involving documents and papers, time, correspondence, telephone calls, copyings, etc.

Commissions on collection of revenue and capital transactions will be charged in accordance with paragraphs (B) & (C) below.

Specific items of work separately chargeable under any other part of this schedule shall be charged under the provisions of the appropriate part.



(B.) COMMISSIONS ON COLLECTION OF REVENUE IN EXECUTRY ESTATE

A percentage commission may be charged at rates not to exceed the maximum values indicated in this paragraph.


  1. Interest and dividends on stocks and shares collected by us – up to £1000 – 5%, on the next £4000 – 3.5%, on the balance over £5,000 – 2%.

  2. Feu duties, ground annuals, interest on heritable securities and other miscellaneous and periodical payments – not exceeding 10% of the actual amount received.

(C.) COMMISSIONS ON CAPITAL TRANSACTIONS IN EXECUTRY ESTATES

A percentage commission may be charged at rates not to exceed the maximum values indicated in this paragraph.


  1. Realising capital for any purpose other than re-investment for the same client.
  1. Money forming part of the original estate uplifted from banks or building societies: 0.50% to 1.00% on a sliding scale namely; on each payment of up to £30,000 – 1%. On the balance over £30.000 – 0.50%.

  2. Policies of assurance not exceeding 1% (sliding scale as above).

  3. Heritable property:- in accordance with part 7 (conveyances following sales will be charged in accordance with Part 4).

  4. Stocks, shares and other securities realisable on the Stock Exchange
    1. on the first £30,000 of each sum – 1.5%
    2. on the next £30,000 of each sum – 1%
    3. on the balance over £60,000 – 0.75%

  5. Other stocks, shares and securities not realisable on the Stock Exchange and interest in private partnerships – 1% to 5% (this does not cover the investigation of unquoted investments, for which fees will be charged in accordance with Part 3)

  6. Book debts, etc – 1% to 10%

  7. Miscellaneous property – 1% to 7.50%

  8. Bonds - 0.5%

  9. National savings - 1%

(2.) INVESTING OR RE-INVESTING CAPITAL

  • On the first £30,000 - 0.75%
  • On the next £30,000 - 0.50%
  • On the balance over £60,000 - 0.25%

Where securities or other assets in executry estates are not realised but are transferred to beneficiaries direct – 0/25% to 1.50% on the total transfer value or in accordance with Part 3.



(D) EXECUTRIES BECOMING TRUSTS

Work relating to the continuing administration of the trust will be charged in accordance with paragraph E below or Part 3 above.



(E) ADMINISTRATION OF TRUSTS

A percentage commission may be charged at rates not to exceed the maximum values indicated in this paragraph.

Income

  1. On interest and dividends on stocks and shares,
    Where individual payments are up to £1,000 – 5%
    On the next £4,000 – 3.5%
    On the balance over £5,000 – 2%

  2. Rents, feu duties, ground annuals, interest on heritable securities, and other miscellaneous and periodic payments – a percentage not exceeding 10% of the actual amount received.

  3. Where the work involved is greater than normal, e.g. where there are a large number of beneficiaries charges may be made in accordance with Part 3.

Capital

  1. Realising capital of the Trust Estate, as in paragraph 5 (C) 1) above.

  2. Investing or re-investing capital, as in paragraph 5 (C) 2) above(the sliding scales may be varied depending on the particular circumstances and amounts involved)



(F) TRUSTS AND WILLS

Creation of Wills and Trusts and other work for Testators, Trusters and Trustees


All work in connection with the drafting and creation of wills, trust dispositions and settlements, inter vivos mortis causa and marriage contract trusts, codicils and deeds of appointment and apportionment, administration and termination of trusts, changing of trustees, including discharges, indemnities and minutes of agreement relating to trusts will be charged in accordance with part 3 taking into consideration, where appropriate, commissions under para E above.