For many years, clients have chosen to appoint solicitors as their executors, trustees or attorneys. With will to usual procedure was to appoint the partners in the firm, often limiting the number who would act to two, and then named partners would take on the actual work. The individual solicitors taking out the grant of Probate would then be the trustees if a trust was created in the Will. A different approach was needed with either the creation of a new trust or Powers of Attorney, where an appointment always had to be of a named individual.
This brought several advantages in some circumstances but there was always a small risk, this used to be very rare in practice, but in recent years has become more of an issue, that problems could arise if an involved partner retired or for any other reason was unable to continue acting for their client. Particularly when acting as an attorney, their full involvement could be needed for several years.
With greater life expectancy, it is becoming increasingly more common for a client to outlive their executor. There is also the risk that your executor or attorney may develop an old age-related illness such as dementia. With these risks in mind Herrington Carmichael has recently created a Trust Corporation which can undertake the functions of executor, trustee or attorney. 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 appointee retiring, falling ill or moving away. We will always have someone available to deal with matters on your behalf.
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 you need to make when preparing your Will is who to appoint as your executors. Your 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.
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 member 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 who fulfils the role.
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 you and those you care about.
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.
