Though called the abbot of Dunkeld, Ethelred was not necessarily a churchman. It has been argued that because of the decaying state of the Celtic Church, abbacies in this time period “were often held by laymen, who drew the revenues and appointed churchmen to perform the ecclesiastical offices.”
Lands
Along with the appointment as lay abbot of Dunkeld, Ethelred was granted extensive territories, which extended on both sides of the Firth of Forth. From these lands, he made substantial gifts to the Church. North of the firth, for example, he gave the lands of Ardmore to the Culdees of Loch Leven “with every freedom, and without any exaction or demand whatever in the world from bishop, king, or earl.” South of the firth, in Midlothian, he founded the church and parish of Hales, giving the lands of Hales to the Church of the Holy Trinity at Dunfermline.”
Ethelred was often said to have held the officeMormaer of Fife, but this is now disputed. The source of the confusion was the Gaelic notitia of a grant to the Céli Dé monks of Loch Leven, which was later translated into Latin and incorporated in the Register of the Priory of St Andrews. The grant, dated between 1093 and 1107, begins with the words, “Edelradus vir venerandae memoriae filius Malcolmi Regis Scotiae, Abbas de Dunkeldense et insuper Comes de Fyf.” Translated, this is "Ethelred, man of venerable memory, son of King Máel Coluim of Scotland, Abbot of Dunkeld and also Mormaer of Fife." Sir James Dalrymple theorized that the phrase comes de fyfe referred not to the title of Earl, but to the area where the lands were situated, a slip made by a monk working with the manuscripts. John Bannerman offers a different explanation. He noted that the notitia in the Register records a number of witnesses, among whom were Ethelred’s brothers David and Alexander, as well as a witness identified as Constantinus Comes de Fyf,. Causantín, not Ethelred, was clearly earl of Fife at that time. Bannerman argues that the translator was thrown off by the use of a singular Gaelic verb for a joint grant, common in Gaelic charters. As a result, the translator omitted the mormaer, Causantín.
Abthainries
Medieval Scotland had only three abthainries, lands held of the king by an abbot: Dull, Kilmichael, and Madderty. Scottish historian William Forbes Skene has argued that these abthainries were first created for Ethelred by his brother King Edgar. They reverted to the crown at Ethelred’s death.
Death and burial
Lockhart, citing Andrew of Wyntoun, stated that Ethelred was with his mother, Margaret, at Edinburgh Castle as she was dying. Shortly after hearing the news of the deaths of her husband and son Edward at Alnwick, she died. “After her death, and during the so-called usurpation of Donalbane, he conveyed her lifeless body secretly out of the western gate of the castle, taking, as is said, the advantage of a fog, on to Dunfermline, and in all probability he died soon afterwards, and was buried not at St Andrews, as some seem to say, but at Dunfermline, in the same resting-place where the bodies of his father and mother and eldest brother were laid.” In his metrical chronicle, Andrew of Wyntoun narrated those events, thus: