You may ask “What is a Trust Corporation?”. 

A Trust Corporation is a legal body that provides help and advice to families and loved ones where a death occurs and there is a need for professional services in the administration of the estate. Typically this will be where a trust has to be created under the terms of a Will or under intestacy and the Trust Corporation will provide ongoing support and management services for the trustees.  

How the Trust Corporation can help is listed in more detail under Executorship and Trustee Services below, or you can download our booklet here on Executorship and Administration Services.

 What if there is no Will?

 Dying without a Will or Intestate to give it the official title, can cause severe problems for those left behind. It will possibly delay the issue of the Grant of Letters of Administration (the intestacy equivalent of a Grant of Probate) because there are no appointed executors to act, so either family members or friends may have to apply to the court to act in the administration of the estate.

Intestacy also brings its owns problems, it may leave the family short of money as assets are tied up in the wrong place in accordance with the strict rules of Intestacy distribution. There may also be problems with ownership and title to the matrimonial or family home.

 The SWW Trust Corporation can help in these circumstances by acting as the deceased's Personal Representatives. The Trust Corporation will make the necessary application to the Court and obtain the Grant of Letters of Administration, gather in the estate and ensure that the surviving spouse or civil partner receives their entitlement. We would be able to advise the surviving spouse or civil partner if a claim against the estate would be prudent if the intestacy has failed to make adequate provision for him or her.

 What if the Will is very old? 

It is often quoted that the only things certain in this life are death and taxes, unfortunately both are becoming more and more complicated. A Will written only eight to ten years ago is unlikely to take account of the current tax regime (the current inheritance tax threshold is £312,000) - 45% of homeowners in the South East of England are now caught by Inheritance Tax (IHT), or the more complex family relationships - 43% of marriages end in divorce, or simply that we are living longer and the State and Local Authority will need to take more to cover the cost of our care in old age.

 If the deceased died leaving an old or very simple Will, we can often help in many of these circumstances by writing what is called a Post Death Variation. This means that we can rewrite that portion of the Will after death to ‘rectify’ or put right the parts that are wrong or to add a trust or sever a beneficial joint tenancy to tenants in common to help with tax savings especially Inheritance Tax. Even if the IHT previously assessed has been paid and the estate distributed a Variation can still be effective.  In such cases a refund of IHT will be made and assets redirected to the new beneficiaries.

Again though nothing is simple, in order for an Arrangement to work there are several rules to observe, the three most important are: 

v  That the Deed has to completed within two years of the death; and

v  That everyone who will be affected by the change have to agree to the changes; and

v  There will be problems where minors (persons under 18) are affected by the changes, and have to give their consent.

 But if you find your self in this position, and you have been left with a large tax bill or other complications contact us NOW - do not leave it until later - and we will advise you if and how we can help.

 Wills and Trusts 

If you have had the foresight to make a Will, congratulations but you are still in the minority. It may be that your Will, if made recently will contain one or more Trusts, it is almost certain that the executors and Trustees named will be your spouse or partner together with the children (the main beneficiaries after the death of the survivor) or other family members, you may be surprised as to how many people appoint their parents as executors!

Today with Trusts and estates becoming ever more complicated it would be sensible to appoint a professional such as SWW Trust Corporation to work either in a sole capacity, that is handling everything or to work jointly with the family. Some trusts may be required to run for many years, again appointing a professional organisation will ensure continuity in the management of such funds and where a disabled beneficiary is involved this may of prime concern.

If at this stage in your planning you feel that your appointed representatives are sufficient consider making the SWW Trust Corporation a substitute (or reserve) executor and trustee. Should one of your nominated executors die before you or be unable to act then the Trust Corporation can stand in their place alongside the surviving executors.  Alternatively the appointment can be worded so that the SWW Trust Corporation will only act if all the named executors fail to act.

One final alternative is to include in your will a direction that authorises your executors to consult the SWW Trust Corporation should they feel they need professional help in the administration of your estate. Your executors will have access to first class experienced professional help and advice at very competitive rates that will be agreed with them at that time. Thus they will only pay for work or services that the Trust Corporation actually carries out and they will retain control of the situation.

 Summary

So whether you have been recently bereaved or just looking to better plan for the future, the SWW Trust Corporation can help. Through our association with the Society of Will Writers we can advise also how to go about making a Will using a Society member in your area, thereby preventing all the problems of dying Intestate. A few hundred pounds spent now will save tens of thousands of pounds in unnecessary tax and unnecessary costs to your family and ease the emotional stress that death places on those loved ones left behind. 

If you are a professional, a Will Writer, Financial Adviser, Mortgage Broker or solicitor who does not offer a probate service and would like more information, please see the relevant pages and request an Introducers Pack, and let us show you how you can help your clients.