Some firms of solicitors do not have the expertise to manage complex trusts and cannot be relied upon to deal properly with the trust assets or respond in the timely manner to the legitimate concerns of beneficiaries.
B P Collins have the expertise to advise the beneficiaries of trusts as to their rights and can provide an expert and responsive trust administration service through B P Collins Trust Corporation Limited (BPCTC).
Our dispute resolution and private client teams and BPCTC can work closely together in the best interests of our trust clients. In this specific matter B P Collins’ Private Client team was initially instructed to advise disgruntled beneficiaries of a trust who were receiving a poor-quality service from a smaller firm of solicitors, two partners in which had been appointed as trustees of a family trust. The trust arose from an estate and over time it became clear that administration of that estate had not been completed and that the assets had not been properly managed.
The existing trustees were very slow to answer questions and rather defensive. It was apparent that the existing trustees had failed to properly manage or account for the trust assets and had not been distributing income to which our clients were entitled.
We were able to advise the beneficiaries that they had a statutory right to request the exiting trustees to step aside in favour of new trustees. The beneficiaries asked BPCTC to take over. The existing trustees were initially reluctant but with the assistance of contentious trust colleagues in our Dispute Resolution team, they were persuaded to retire and transfer the trust assets under the control of BPTC as the new trustees.
BPCTC were able to account for the trust assets properly and ensure that they were properly invested with a competent investment manager. The tax affairs and trust accounts of the trust were also brought up to date and significant arrears of income paid to the beneficiaries. Questions from the beneficiaries are now dealt with in a timely manner and income paid to them regularly, comprehensive accounts are provided each year and the beneficiaries are now satisfied.
