Advice for Trustees & Executors

It's more common than people realise to find yourself holding more than one of these roles at the same time. You might be someone's attorney while they're alive, become their executor when they die, and then act as trustee of a trust established in their will. The responsibilities shift as circumstances change, but the underlying need is the same: to act carefully, in the interests of the person you're representing, and in accordance with the law.

We can advise you across all three roles, and it often makes sense to do so together.

As an executor, you're responsible for administering the estate of someone who has died; collecting assets, settling debts, dealing with tax and distributing what remains to the beneficiaries named in the will. It's a process that can take months and involves a number of formal legal steps, including registering the death and, in most cases, applying for a Grant of Probate.

The threshold at which probate is required depends on the value and composition of the estate. Generally it is needed where the estate is worth more than £30,000, or where it includes property or investments. We can advise you on whether it applies in your case.

One thing many executors don't realise is that they can be held personally liable if the estate isn't administered correctly. Having clear legal advice from the outset isn't just helpful; it's a form of protection.

If you've been appointed under a Lasting Power of Attorney, you have the legal authority to act on behalf of someone who is no longer able to manage their own affairs. That authority comes with clear obligations; to act in their best interests, to keep their money and your own completely separate, and to keep proper records of every decision you make.

Many attorneys feel uncertain about where the boundaries of their role lie, or find themselves facing a specific decision they're not sure how to handle. We can talk through your obligations in plain terms, advise on particular situations as they arise, and help you understand when it might be appropriate to seek additional input from accountants or financial advisers.

A trust places legal responsibility for managing assets on the trustees, for the benefit of the beneficiaries named in the trust deed or will. Day-to-day, this can involve managing investments, making distributions, keeping accurate accounts and ensuring any tax due is paid.

Trusts can be complex, and the duties involved are often misunderstood. Some trustees have been appointed many years ago and are unsure whether what they're doing remains legally sound. Others are newly appointed and want to start on the right footing. We work with both.

Whatever role you're in, the kinds of questions we help with most often include:

• Understanding what your obligations are and what the role legally requires of you
• Advice on a specific decision you're facing
• What records you should be keeping and how
• When to seek additional professional input, for example from an accountant or financial adviser
• Whether anything you've done or inherited needs to be reviewed or corrected