PCS Trust Corporation - Private Client Solicitors

PCS Trust Corporation

PCS Trust Corporation Limited (PCS TC) is a wholly owned subsidiary of Private Client Solicitors Limited, trading as Private Client Solicitors. PCS TC regularly acts as professional trustees, executors, attorneys or deputies for families and exercises all professional skills and care for each appointment.

The mechanics of the trust corporation are such that, whilst PCS Trust Corporation Limited is appointed the professional deputy or trustee, a named director will be the custodian and has the personal relationship with the client and family. We believe we are unique, in that all our Trust Corporation directors are STEP qualified solicitors each with over 15 years’ experience.

Why appoint PCS TC?

 

Benefits for clients

From the client’s perspective, the advantages of appointing PCS TC include:

  • Continuity – new trustees are never needed as a trust corporation never dies, goes on holiday, gets ill or retires. This can create substantial savings in professional fees: each time an individual trustee retires, and a new trustee appointed, a deed needs to be created and the assets of the trust have to be transferred and HMRC TRS updated, whereas with a trust corporation the appointment and retirement of directors will not affect the assets within particular trusts.
  • Availability – individual trustees aren’t always available due to holidays, illness and other commitments, but a trust corporation will always be available, ensuring speed of response so as to prevent any unnecessary delays.
  • Professionalism and Expertise – PCS TC signatories are senior members of Private Client Solicitors, who deal with trusts and estates every day and have the expertise to handle the matter. We ensure that matters are dealt with tax efficiently and effectively.
  • Impartiality – We are impartial and act in the best interest of the parties involved to ensure the best possible outcome.
  • Security under the Trustee Act 2000 – a trust corporation owes a higher duty of care to the beneficiaries than a lay trustee.

Downside for clients

  • Cost – as professionals we charge for the work we are required to do for the trust whereas lay trustees are only able to be reimbursed expenses they have incurred. Our trust corporation does not charge any extra to be retained, our charges are the same as if our solicitors are instructed by lay trustees. Our fees will be dependent on hourly rates (or if appropriate agreed fixed fees) based on what actual work needs to be done for the trust. Day-to-day matters are assigned to specific individuals in the team depending on their knowledge and experience and we aim to deal with all matters as cost-effectively and efficiently as possible.
  • Day-to-day matters are assigned to specific individuals in the team depending on their knowledge and experience and we aim to deal with all matters as cost-effectively and efficiently as possible.

 

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Private client legal services

We have extensive experience in relation to wills, trusts, tax, estate planning, succession, wealth preservation, probate, mental capacity law and philanthropy. Our priority is to ensure that your legacy planning produces the best possible outcome for you and your family.