Trust and estate administration

It is important to administer trust and estate arrangements properly. Failure to do so may result in executors and trustees becoming personally liable for loss.

a. Trust administration

Trustees have duties to fulfil and must make sure certain processes are undertaken including:

  1. Trust registration and ongoing tax (Inland Revenue) compliance and reporting.
  2. Implementation of a trust investment policy statement.
  3. Instructing, where relevant, professional financial advisors.
  4. Completing annual trust accounts.
  5. Convening trustee meetings to discuss trust objectives, beneficiary requests and investments. The frequency of meetings will depend on the nature of the trust.
  6. Making records of decisions, distributions and professional advice taken.

Some trusts will need more involvement than others. Some may need little or no management until there are assets held, such as trusts where life insurance proceeds are assigned and the life assured is still alive.

b. Estate administration

When someone dies it is often a traumatic time for family, friends and colleagues. What might in normal circumstances be a straight forward task can become confusing and time-consuming. It is therefore sometimes easier for an estate to be administered independently.

We can offer an estate service that may involve some or all of the following:

  1. Interpretation of intestacy rules where there is no will
  2. Collection of estate asset and liability valuations
  3. Preparation and submission of Inland Revenue accounts
  4. Applications for probate or letters of administration
  5. Collection of assets and preparation of accounts
  6. Rearranging estates after death

Professional fees

We will either agree a fixed fee with you for specific work or where you would like us to undertake general administration we will agree a rate based upon the time we think it will take to complete the work.

See our probate fixed fees.
We will never charge a percentage element and promise to regularly update you on progress.

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