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Executors

You can nominate up to four executors to manage your estate after you have gone.  It is wise to nominate a minimum of two in case of difficulties or the inability of one to act on your behalf.  Sometimes expert executors are required for certain parts of your estate such as for businesses or specialist investments. 

Being an executor can be one of the most stressful things a person encounters and there is research on the subject as a result.  So, it is  a good idea to think very carefully about who you wish to nominate and whether they are comfortable doing this on their own.  You may wish to include a named professional such as a probate solicitor to be a joint or sole executor but do note that a solicitor can refuse to step down as an [joint] executor.  There may be a number of reasons for this and one of them is that they do not consider in the best interests of handling your estate, given there are so many problems surrounding executors.  It is also a good idea to name a minimum of two executors in any event. Once an executor is named they are not obliged to continue.  There is a process where they can ask a solicitor to work with them, or take the matter over for them.  It is important this conversation takes place with your executor(s) which often, is not the case.

The role of executor is not to be underestimated unless it is a reasonably straightforward estate. 

Numbers of problems may ocurr with executors who fail in their duties and are downright difficult.  For example, in one case, one of three children was named executor.  being the eldest son.  He was charged with selling the house and liquidating other assets.  After 10 years he still had not done so, having decided to delay to suit himself.  The other two siblings were forced to take the matter to court in order to see their inheritance which in turn wasted a good amount of the estate along with the other consequences of ten years of stress and relationship destruction.  It really is wise to consider these matters carefully.

Probate

Tipi Wills & Mediation has teamed up with solicitors to provide you with expert probate services.  It takes a number of years of hands on training and expert qualifications to provide probate services. 

This also means you can have professional executors to name in your Will.

These solicitors can also provide you with Lifetime Trusts.  Your Will can provide you with trusts that you need once it is effected, but sometimes you would like a trust set up before your Will takes effect.

 

You may also choose your own probate services and/or professional executors if you wish.

Additionally, it is again a good idea to think this through and consider whether a joint Power of Attorney would be preferable in your circumstances.  You may choose people you know, or ask a professional.  It can help if the professional and your appointed attorney know you when it comes to decision making, especially if it is questioned or challenged.  This is another reason why purchasing an LPA from someone who has not got to know your circumstances, is not helpful to you.  The added benefit of knowing you and your family by the time it comes to the time your LPA or Will is to be effected, could be invaluable in ensuring matters are done in the way you would have wished.  So, there are times when this can be useful.  We can talk with you and guide you in helping you to make the choices that may best suit you.

Expert support and teamwork are given to the client through a combination of Tipi Wills & Mediation, XXXX Solicitors and The Society of Will Writers & Estate Planning.  Your needs are well provided for.  This is a very cost effective way of providing these services for a client in that all of your needs are not needed to be met by the most expensive provider but all the expertise you require, is available.

Additionally, you have the security of knowing we are all experienced professionals that are strictly regulated who must undergo continuous learning.  

Trusts

Trusts are a complex area of the law and is a particular feature of English law.  SWEPP provide training and expertise in this area.  It also has a specialist department that deal solely with trusts which enables our training and expertise to continously grow in this area.

Solicitors can also devote their career to specialising in this area.  Your Will can provide you with a variety of simple or quite complex trusts that you may need to effect your wishes.  Sometimes you would like a trust set up before your Will takes effect.  Trusts set up in your lifetime must be done by specialists.  Tipi Wills has the expertise through the SWEPP legal department as well as through the partnership with XXX solicitors to provide you with comprehensive expert professional advice and services.  

You may not wish to wait for your Will to start a trust in certain circumstances.  For example if you wish to provide for family or minors by ringfencing certain assets to protect the person or the assets whilst you are still alive. 

Otherwise, your Will is a very good way to create a trust you may wish to put in place such as where you would prefer children or grandchildren not to inherit significant sums until they have reached a certain age, such as 21 or 25. 

 

Trusts are no longer able to avoid tax completely as certain loopholes have been closed, and sometimes tax can become due on setting up a trust.  Certain trusts are offered by some organisations, as always a good idea.  However, whether a trust is suitable for your needs must be explored fully and expert advice given to you before you make decisions on your way forward.  There are pros and cons to everything.

Be in control.  Be Certain

Trained by and Member of both Society of Wills Writers and Estate Planners & Society of  Mediators

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