An introduction to Herrington Carmichael Trust Corporation

Aug 18, 2020

For many years, clients have chosen to appoint solicitors as their attorneys, executors and trustees.

This brought several advantages in some circumstances but there was always a small risk, rare in practice, that problems could arise if an involved solicitor retired or for any other reason was unable to continue acting for their client. Particularly when acting as an attorney or trustee, their full involvement could be needed for several years.

We have through our own experiences identified the need to introduce a Trust Corporation which can undertake the functions of an executor, attorney and trustee. The great benefit of a Trust Corporation is that as a Limited Company, there will always be someone who fulfils the role completely independently of any individual, overcoming the issue of your chosen solicitor retiring, falling ill or moving away.

Herrington Carmichael LLP are therefore delighted to have recently established Herrington Carmichael Trust Corporation which we believe provides a great addition to our services.

How can appointing Herrington Carmichael Trust Corporation as an Executor in your Will be beneficial?

One of the biggest decisions clients must make when preparing their Will is choosing who to appoint as their executors. The executors are the people who will be responsible for dealing with your assets when you die and ensuring that they are distributed to the people you have chosen to benefit in your Will. It is important that you appoint people you trust and feel would be capable dealing with your estate when you die.

Clients often appoint family or friends as their executors. But, in some cases, clients may not have someone in their life who they feel would be suitable or there may be complicated aspects to their estate. In these circumstances it is quite common for a client to appoint a neutral party, such as a solicitor to act as their executor in their Will. Ordinarily, the Will would appoint the partners in the firm, often limiting the number who would act to two, and named partners would take out the Grant.

The great benefit of appointing the Trust Corporation rather than partners in a solicitor’s firm is that it has a continuing existence which is separate from the individual members of the firm. It can be challenging should an executor die, retire or move to another firm as his appointment is a personal one. The Trust Corporation provides a seamless continuity of service, which means that once the Trust Corporation is appointed as executor there will always be someone available to deal with matters.

How does Herrington Carmichael Trust Corporation work in Probate?

A death in the family or of a loved one is often a very difficult time especially for those that need to deal with an estate, taxes and other arrangements that require attention. In such times it can be very helpful to have a trusted adviser that is experienced in such matters to take care of many of the duties required of those that need to carry out the deceased’s wishes as expressed in their Will or under the rules of intestacy where there is no Will.

Herrington Carmichael have been helping families by providing administration of estate services for over 175 years and we pride ourselves as providing value and peace of mind for our clients whom we regard as part of our extended family.

Whether your family composition or estate is complex or straightforward Herrington Carmichael Trust Corporation has the expertise to add value to your personal circumstances in the long-term for the benefit of you and those you care about.

Can the Trust Corporation act as an Attorney?

Clients with complex finances, or those who do not have anyone to manage their finances may choose to appoint the Trust Corporation as their attorney. The directors of the Trust Corporation are partners in the firm, who can offer a high level of skill and experience in a whole range of legal areas.

The Trust Corporation can be appointed under a Property and Financial Affairs Lasting Power of Attorney only. An attorney for a Health and Welfare Lasting Power of Attorney must appoint a person, not a company. Unlike an individually named solicitor, a Trust Corporation never dies, takes holiday or retires. As all the directors of a Trust Corporation have equal access to client information, the Trust Corporation can offer a seamless and continuous service to our clients.

The benefit of having a neutral party acting as your Attorney is that we will be able to make impartial decisions on your behalf, which those more emotionally involved may struggle with. You can be sure that we will always act in your best interests.

The Appointment of the Trust Corporation as a Trustee

Herrington Carmichael LLP have a wealth of experience in dealing with trusts and the associated management and administration. Solicitors are often appointed as trustees, either acting alone or alongside individual parties.

The ongoing administration required with trusts can take decades and it is very likely that a solicitor appointed as trustee may retire or have moved on to another firm. Furthermore, where an individual trustee becomes mentally incapable or has moved away, replacing them can be a slow and costly process and in some cases could lead to court intervention. The appointment of the Trust Corporation as a trustee avoids this issue. This in turn can create savings in professional costs, for example where deeds must be prepared in order to retire or appoint individual trustees.

If you would like any further information, please contact a member of the Private Client team on 01276 686222.

This reflects the law at the date of publication and is written as a general guide. It does not contain definitive legal advice, which should be sought as appropriate in relation to a particular matter. 

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Award winning legal advice

We are solicitors in Camberley, Wokingham and London. In 2019, Herrington Carmichael won ‘Property Law Firm of the Year’ at the Thames Valley Business Magazines Property Awards, ‘Best Medium Sized Business’ at the Surrey Heath Business Awards and we were named IR Global’s ‘Member of the Year’. We are ranked as a Leading Firm 2020 by Legal 500 and Alistair McArthur is ranked in Chambers 2020.

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London

60 St Martins Lane, Covent Garden, London, WC2N 4JS 

+44 (0) 203 755 0557

 

Camberley

Building 2  Watchmoor Park, Riverside Way, Camberley, Surrey. GU15 3YL

+44 (0)1276 686 222

 

Wokingham

Opening Soon

+44 (0)118 977 4045

info@herrington-carmichael.com

© 2020 Herrington Carmichael LLP. Registered in England and Wales company number OC322293.

Herrington Carmichael LLP is authorised and regulated by the Solicitors Regulation Authority.

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