Executry and trust accounting: new guidance

Updated guidance has been issued, aimed at providing clarity for members on obtaining discharges for trust and executry work. This includes when seeking one or more of the following from beneficiaries in relation to distributions from, and the administration of, an executry or trust: approval of final accounting, receipt of entitlement, discharge and exoneration of intromissions, indemnification of actings, and acceptance of retention. In summary the guidance confirms that it is appropriate to obtain a discharge on behalf of executors and trustees, but not solely for the work of the solicitor.

As part of the Society’s ongoing commitment to reviewing and updating its rules and guidance, the content was considered and produced by both the Trust & Succession Law Subcommittee and the Professional Practice Committee. Their input has been invaluable in creating the clear guidance that will allow members to provide straightforward, unambiguous advice to executors, trustees and beneficiaries.

The guidance, which is effective as of 28 February 2019, can be found in the Rules and Guidance, Section E, Division D.

A set of demonstrative style discharges, covering some of the more common or straightforward scenarios, has been drafted and is available to view on the same page.

Any members who have questions regarding the guidance, or the style discharges, should contact the Professional Practice team on 0131 226 8896 or [email protected]