Appointment as Executor and Trustee of a Will

 

Chattertons Trustee Corporation can act as a professional executor and trustee of your Will. You can appoint Chattertons Trustee Corporation as your sole executor and trustee, or alongside other executors and trustees of your choice.

When you die, your executors and trustees will have a number of duties which will include some, or all, of the following:

  • Arranging your funeral.
  • Clearing your property.
  • Notifying all relevant organisations such as banks and utility companies.
  • Obtaining valuations of your assets.
  • Applying for a Grant of Probate or Letters of Administration.
  • Closing your bank accounts and selling any shares.
  • Selling your property.
  • Ensuring that all inheritance tax, capital gains tax and income tax returns are submitted to HMRC and that the relevant tax is paid in full.
  • Discharging any final bills, including the funeral account.
  • Preparing accounts which set out your assets and liabilities, then producing these to the court if required.
  • Distributing your assets in accordance with your Will.

Appointing a professional executor and trustee can be useful in the following cases:

  • You may not want to burden your loved ones with the responsibility of ‘paperwork’ when they are grieving.
  • If there are difficult relationships within your family or there is potential for a dispute over your Will or the appointment of a particular executor, it may be preferable for an independent third party to deal with matters.
  • You may not have a friend or family member who can act.
  • Your assets may be complex and require professional expertise to administer, e.g. you may run a business or own foreign property.
  • If you create a trust in your Will, e.g. when money is to be invested until a child reaches a particular age.

The advantages of appointing Chattertons Trustee Corporation are:

  • The administration of your estate will be handled by an appropriately qualified professional body.
  • The provision of a seamless and continuous service. Chattertons Trustee Corporation is always available to sign documents and so there are no delays which may otherwise arise if your executor is unavailable, on holiday, ill etc.
  • It is usually sensible to appoint at least two executors and trustees. If you appoint Chattertons Trustee Corporation as your executor and trustee, no second executor is required.
  • A trust corporation owes a higher duty of care to the beneficiaries than a lay executor.
  • Chattertons Trustee Corporation can assist with any difficult decisions.

When Chattertons Trustee Corporation is appointed to act, fees will be charged for dealing with the administration of your estate, which will be paid from your assets after your die. Further information about fees is available on request. You are though under no obligation to appoint Chattertons Trustee Corporation and are free to appoint any friend, family member or other professional of your choice.