If you have been named an executor in a will or have been given responsibility by a court, we can help.

Bonds of Caution


How we can help

Bonds of Caution Advice

If you have been named as an executor in a will or have been given the responsibility by a court, you may be wondering if you need to obtain a Bond of Caution. 

Our experienced executry solicitors can help you with all aspects of winding up an estate, including understanding and obtaining a Bond of Caution insurance policy.

We can help you find out if a Bond of Caution is legally required. If it is, we can also help you obtain one quickly.

With a wealth of knowledge and years of experience dealing with probate and executry matters, we can provide all the advice and support you need regarding Bonds of Caution. 

Executry & Probate Services

Find out more about our range of expertise

Executry & Probate FAQs

We answer some commonly asked questions

Contact Us

If you need help with winding up a loved one’s estate, contact us now


What is the Purpose of a Bond of Caution?

The Bond of Caution is intended to protect you in two scenarios.

  1. It protects the inheritance of the beneficiaries of an executry estate against executor dishonesty and mistakes. It ensures the estate is distributed according to the Scottish laws of Succession.

     

  2. It ensures anyone who is applying for Confirmation is entitled to do so.
 
 
hannah-olinger-8eSrC43qdro-unsplash

When Is a Bond Of Caution Required?

A Bond of Caution is required, so an executor appointed to administer an intestate estate can apply for and be granted Confirmation.

If a person has died intestate, it means they did not leave a Will, or it was no longer valid for some reason. 

There are, however, exceptions to the rule. Bonds of Caution are not required in the following situations:

  1. The value of the estate totals less than £36,000, and the Sheriff Clerk’s office helps to prepare the inventory form.

     

  2. If, under the laws of intestacy, the complete estate is inherited by a surviving spouse or civil partner.

Who Provides A Bond Of Caution?

The Bond of Caution is usually provided by an insurance company. However, this is a very specialist service, and only two insurance providers are authorised to provide them. 

These are:

  • Royal Sun Alliance
  • Zurich GSG

 

Both insurance companies charge a fee for acting as cautioner and issuing the Bond of Caution.

Royal and Sun Alliance will only accept applications from solicitors who have been instructed to act on behalf of the executor. They will not issue the bond directly to an individual.

Zurich, on the other hand, will accept applications for a bond from an individual. However, without any competition, Zurich is in a monopoly position for this service. They can charge whatever premium they decide is appropriate for this service. Meaning, the premium will likely be higher if you don’t appoint a solicitor to assist you.

How much does a Bond of Caution cost?

In Scotland, the cost of a Bond of Caution depends on the total gross value of the estate. Typically, the cost ranges from a few hundred pounds to over a thousand pounds. However, this cost can be avoided if a person dies leaving a valid Will.

Our solicitors will be at hand to advise you on the process and the cost that is appropriate for your situation.

Bond Of Caution Advice

We know winding up an estate can be a challenging and time-consuming process. That’s why we take the time to talk with you about your individual circumstances and provide the best bond of caution advice available. Get in touch today to discover our other executry and probate services, including estate planning, inheritance tax, and international probate.

Get in Touch

Contact our team of dedicated lawyers on our 24 hour solicitor helpline to start getting the legal assistance you’re looking for.

With offices based in Glasgow in Scotland, we’re able to give you the help you need, when you need it. Get in touch with a member of our team today to book an appointment or for a free telephone consultation.