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When considering who to choose as the Executor of your Will, the Trustee of any lifetime or Will Trusts, and to act as your Attorney, the choice should not be made lightly.
These roles carry significant responsibility, and you must be confident in and trust in the people you choose to act in these capacities.
Whilst some individuals may have family or friends that they feel comfortable trusting to act with honesty and integrity and in the best interests of them, their Estate or the Trust, others may not have such relationships or may not want to burden their loved ones with the responsibility.
Appointing a professional Executor, Trustee, or Attorney can be the most appropriate approach for many individuals and families.
Myerson's Wills, Trusts, and Probate team explore this in further detail.
Who would be the professional?
For those who choose to go down the route of appointing a professional Executor, Trustee or Attorney, the next step is to ensure an appropriate appointment.
Whilst many law firms may offer a professional appointment in the form of one individually named professional, usually a Partner in the practice, this is not always the best practice.
If that individual should retire, predecease you, fall unwell or move to a different firm, this could hinder the appointment and cause delays and additional costs in having to establish a replacement.
That individual professional may also be limited to only one area of expertise.
Here at Myerson, we have Myerson Trust Corporation (MTC) established specifically for the purpose of acting as professional Executor, Trustee and Attorney.
MTC is comprised of 6 Directors who are all senior partners at Myerson Solicitors LLP, bringing a wide range of expertise.
The Directors will draw upon the advice of not only our Wills, Trusts, and Probate team but the entire range of services Myerson Solicitors LLP has to offer.
This means that should you have a business or properties to consider, MTC can draw on the expertise of our Corporate Commercial department, our Employment team and our Residential and Commercial Property Teams.
Should any of the Directors leave MTC, your Will, Trust, and Power of Attorney will remain intact.
Why have a professional?
There are many reasons why appointing a professional Executor, Trustee, or Attorney can be beneficial.
- The clue is in the name! Estate administration, Trusts and managing someone's affairs are not always straightforward tasks. These roles are our profession, and we spend years training to become experts in these areas, meaning the complexity of the matters can often be best left to the professionals.
- Mistakes cost money. There are no rules against lay people acting as Executors, Trustee or Attorney. In some cases, it is entirely appropriate. However, a common misconception is that appointing friends and family will save the Estate, Trust, or individual money as the costs of the professional are not incurred. We often assist lay individuals who come to us when they have tried to act alone, but things have gone wrong. This could include Inheritance Tax Reliefs in Estates not being claimed, Trusts receiving penalties and accruing interest for exit charges, anniversary charges and income tax not being dealt with or Attorneys who have unknowingly acted outside of the powers granted to them. Contrary to common belief, the costs incurred by a professional Executor, Trustee or Attorney will often be considerably less than the costs of remedying the mistakes of a layperson.
- Avoid the burden. Estate and Trust administration, along with managing someone's affairs, can be very timely, particularly where the individual has their own work, family, and social life to balance. Many people decide that their family or friends have too many other commitments in their life to fit in taking on these roles. Instead, they appoint a professional and save their loved ones the burden, which can be particularly helpful when these roles arise because of a family death or one losing mental capacity, as these experiences carry their own difficulties and stresses.
- Prevent disputes. Some individuals have friends and family who they think may be able to take on these roles, but due to family dynamics, such appointments could cause a family dispute. This could arise in circumstances where a couple has children who do not get along, there is mistrust of a particular individual, or you believe someone could make a claim against your Estate due to being omitted from the Will. Disputes in Trusts, Estates and managing someone's affairs can be very costly and professional involvement is almost always necessary to resolve the problem. There are often legal costs on both sides to reach an agreement and additional costs to unravel the mistakes made. For individuals who can foresee a potential dispute in their family, it would be wise to consider professional involvement from the outset to prevent spiralling costs.
- Lack of alternatives. Many of our clients choose professionals to act as their Executor, Trustee or Attorney, as there is no one else to take on the role. This could be because someone has limited family or their close relatives are incapacitated, irresponsible, unwell, abroad or minors. It could also be because the individual intends to keep funds out of their loved ones' control/Estate. Professionals can be useful appointments to give individuals peace of mind to ensure their affairs will be looked after.
Is a professional appointment right for me?
This question can only be answered considering your individual circumstances.
Here at Myerson, we would always advise on both professional and non-professional appointments and discuss the advantages and drawbacks of each approach, as this is unique to your position to allow you to make a fully informed decision.