The Willwriting Partnership

0161 7054382

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Trust Administration

Trust administration as opposed to Estate administration tends to be for a longer period of time. Put simply, on death, the executors’ duty is to gather in the assets of the estate, pay off any debts that the deceased may have had, pay funeral expenses and distribute the assets of the estate to the beneficiaries in accordance with the terms of the Will. Where a trust has been created in the Will, it may exist for a number of years (for example, where monies are held in trust until children reach their majority at age eighteen). It is usual, unless otherwise specified in the Will, for the executors to take on the duty of trustees. However, as already mentioned, this is generally a more long-term responsibility than Estate management which means that looking after the interests of the beneficiaries of the trust could involve property management, investment management as well as managing the taxation incurred by the trust.

In a similar way to Estate management we always advise our clients that first and foremost they should appoint as their trustees those people they most trust to look after their affairs after they have died. Generally this would be close family or friends who have the willingness, time and intelligence to administer the trusts created by the deceased person’s Will. The exception being where there is a specialist trust in the Will.  For example, in a Business Trust, it would be advisable to appoint a person with the specialist skills to run the business. Sometimes the chosen person is otherwise too committed in the long term, too old, too distressed, or too busy to serve or perhaps simply needs help or advice in undertaking the task. As a member of The Society of Will Writers, we advise that The Trust Corporation is appointed as a reserve trustee. The Trust Corporation is an arm of The Society which is the leading body in the Willwriting profession. As specialists in Estate and Trust administration, not only are their charges very competitive, but for the clients of the members of the Society they offer a choice of either undertaking the complete administration or, where the chosen family member or close friend wishes to undertake the work, they will simply act in an advisory capacity.

Contact us for an explanatory leaflet about the services of the Trust Corporation.

Contact us for a free consultation,
or call 0161 7054382 now.