Tax and Estate - Trusts
The client came to us after her husband died together with her daughter who is co-executor. There was a nil rate band trust incorporated into Will and we advised about the advantages and disadvantages of keeping the trust in place. The clients decided to implement the trust upon the advice we gave.
Initially it was anticipated a Grant of Probate would not be required, however we had to wait upon information provided by the deceased’s financial advisor. The trust documents were drafted pending this information but when incomplete information was provided and the financial advisor failed to answer any further correspondence requesting the information, it became clear the financial advisor was not going to be helpful. We went directly to the share registrar holding the asset for the information and was advised a Grant of Probate was required, which we were then able to obtain, and upon receipt dealt with the remaining asset.
The trust documents were then amended and the trust was set up. The financial advisor still has not contacted us despite ourselves and the client both attempting to make contact on a number of occasions. Clients were happy with the way we handled the matter from start to finish, having come to us from Canterbury (as they wanted to stay with the firm the deceased had always used). They are looking forward to us opening an office in Canterbury so the whole family can use us for their affairs. The deceased’s wife has already updated her Will with us and her daughter and family plan to do so from the Canterbury office later this year.