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New trust corporation status to benefit private clients

01 June 2008



In a move designed to increase flexibility and improve its services for private clients, Thames Valley law firm B P Collins has gained Trust Corporation status.

It means that instead of naming an individual lawyer as a trustee or executor, the new B P Collins Trust Corporation will now be appointed. By doing so, it helps to avoid delays if an individual is away for any length of time or moves on.

Private Client Partner, David Wilkinson, explained: "As experts in trust and probate matters, we are increasingly being asked to provide ongoing administration and advice to clients.

"Until now, the normal practice would have been to appoint an individual partner as the trustee or executor, which means only this person can sign documents and attend meetings. Clearly, this can create delays if someone is unavailable for any reason.

"By creating the Trust Corporation we have streamlined the process and believe it provides greater flexibility in day-to-day administration and improves the level of service we are able to offer clients."

The Trust Corporation has three directors, all of whom are partners in B P Collins, and a company secretary, who is also the trust administrator. Any two of the four may sign as a trustee and it also means that no additional paperwork is necessary for clients should a partner not be available, as it is the Trust Corporation which has been appointed rather than the individual.

The firm will be writing to all clients who currently have an individual partner listed as a trustee of their trust to explain how the changes will work, but David Wilkinson pledged that any disruption will be kept to an absolute minimum. Clients who have an individual partner appointed as an executor of their Will need not make any amendments at present.

David Wilkinson also assured clients that the Trust Corporation status offers the same protection and is bound by the same duties and responsibilities as those applying to an individual Professional trustee.

For more information, contact trust administrator Cristine Benn on 01753 279062.

ENDS

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