Independent Professional Executor Services
Deciding who to appoint as your executor(s) can be a difficult decision. Many people simply choose to appoint close family members or friends. However, it’s an emotional time for our families, and the added pressures of being an executor can sometimes be overwhelming.
That’s why we have created the ‘Old Mill Trust Corporation (OMTC)’ which allows you to appoint us as your executor to act alongside family members or friends.
How does appointing OMTC as an executor work?
OMTC will work alongside any family member or friend who is appointed as co-executor throughout the process and take the lead on the more demanding requirements of administering your estate to relieve some of the stress of carrying out unfamiliar tasks.
Your family will still very much oversee the personal aspects of administering your estate. However, we can take away the burden by completing much of the detailed work and ensuring that deadlines are adhered to – payment of Inheritance Tax within six months of death, for example.
What are the benefits in appointing OMTC as a professional independent executor?
With OMTC you will have an independent voice involved in the administration of your estate, who, in comparison to appointing an individual, won’t retire, leave the business (where you may have appointed your solicitor or accountant), or die. A professional executor will have the technical expertise, knowledge and experience to administer your estate.
We can work closely with your solicitor to arrange for probate* to be obtained or put you in touch with a preferred partner. Our tax planners will also be available should the estate require any specific tax advice.
Some beneficiaries, due to age or circumstance, may not be adequately equipped to receive unexpected legacies. In these circumstances, we can provide support through financial planning guidance and advice to ensure your beneficiaries are encouraged to make the best use of any legacy they may receive.
If your Will results in the creation of any trusts, OMTC can also take on a continuing role as trustee, if required. Our dedicated Trust team can offer advice and carry out the annual compliance requirements for the Trust on behalf of the Trustees, including registering and maintaining the Trust with HMRC to ensure that the Trust is set up and managed correctly.
What do we do as your professional executor?
Executors are ultimately responsible for ensuring your estate is properly administered in line with your wishes detailed in your Will.
As your professional executor, OMTC will take the lead on the following specific responsibilities:
Much of the work outlined above is tax and accountancy based; with our understanding of the relevant financial processes and regulations we will focus on these aspects of administering your estate.
What does the family member of friend co-executor have to do?
As an executor, OMTC will work alongside the family member or friend co-executor, who will deal with the more personal aspects of your estate. The following specific responsibilities would sit with the co-executor:
OMTC can assist with some of these aspects where help is needed.
An executor has a legal duty to act in the best interests of the estate, rather than their own self and must always follow the terms of the Will.
Full details of the Estate Administration Service provided where OMTC have been appointed as professional executor are available here.
*Please note that as probate is a restricted activity, we must outsource this task to a solicitor.