The law and practice referred to in this article or webinar has been paraphrased or summarised. It might not be up-to-date with changes in the law and we do not guarantee the accuracy of any information provided at the time of reading. It should not be construed or relied upon as legal advice in relation to a specific set of circumstances.
Using a professional can be helpful as they will be able to remain independent and their activities are regulated by a number of professional bodies. They can also work alongside family members to provide an element of impartiality. Did you know that Stone King can act as a professional guiding hand in a number of circumstances? Here are some of the common scenarios when you may want a professional to be involved.
- Professional Executors
When someone dies, it can be hard to know what to do to ensure that the estate is administered properly. There are often times critical things that need to be done such as organising the payment of inheritance tax, income tax and capital gains tax returns as well as ensuring that all the financial aspects are tied up.
Family members may not have the time or inclination to administer an estate or feel that it is a task that is too complicated. You may have concerns that your chosen executors will not be able to work together to administer your estate and that there is a potential for conflict.
- Professional Trustees
Trustees manage the money that is put into a trust – whether this is through a Will or during someone’s lifetime. Trusts need to be managed and may require the involvement of a number of people from the beneficiaries to financial advisers and accountants. Trustees may be required to organise the preparation and submission of income tax, inheritance tax and capital gains tax returns. They may also be required to exercise their discretion as to when monies are to be distributed. As trusts can last a very long time, a Professional Trustee may be suitable to lend a guiding hand to the management of the funds in the trust and to manage the expectations of the beneficiaries. Here at Stone King, our partners are happy to work alongside family members and provide professional assistance when managing trusts.
- Professional Attorneys & Deputies
If someone loses capacity to manage their finances, then there may be a need for an Attorney or Deputy to act. They will be bound by the Mental Capacity Act 2005 and its Code of Practice and may need to make important decisions about where you live and how your money is spent. All decisions will need to be made in the best interests of the person who has lost capacity.
- Appointing Stone King
Here at Stone King we have the expertise to act as professional executors, Trustees, Attorneys and Deputies and work closely with families and fellow professionals to ensure the very best service. We will always discuss the costs involved and will often work alongside family members to ensure that whatever the circumstances, your wishes are adhered to.