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Stourbridge based law firm, Wall James Chappell, were lead advisors for the Midlands Air Ambulance on the charity’s conversion to trust corporation status. This will enable the charity to administer estates and is of particular benefit due to the significant legacy
income of the Midlands Air Ambulance. Philip Chapman, head of corporate and charities at Wall James Chappell, explained: “In cases where the executors of a Will cannot, or do not wish to administer the estate, the charity can now do so with its trust corporation status. Additionally, if a supporter contacts the charity and asks them to act as executor of his or her estate which he or she is intending to leave to the charity, the charity will be able to reassure him or her that they will be able to act. As a large charity, the Midlands Air Ambulance is able to employ qualified staff and can therefore impartially administer a trust or estate in-house.”
Mr Chapman added: “Many charity legacy donors do not have immediate family who would normally be an executor jointly with the
solicitor who drafted the Will. Often they fear that immediate family do not have the necessary skills or that they may abuse their position. The donor may have friends who they do not wish to burden with the responsibility or feel that they do not have the appropriate skills. More usually they do not wish those friends to know the extent or lack of assets. Legatees are also fearful the solicitor executor will exploit their position. Trust corporation status allows the charity to best control the professional executor.”
Hanna Sebright, chief executive for Midlands Air Ambulance Charity explained: “Four in every ten missions we undertake are funded by a Gift in a Will, so to have Trust Corporation Status to support our donors and carry out their wishes, has come as very welcome news. For charities that receive significant income from legacies, trust corporation status is worth considering.”
Wall James Chappell is a full service firm of solicitors whose origins in Stourbridge can be traced back to 1830. The firm provides a comprehensive legal service to both business and private clients both locally and across the UK.
For more information on the firm’s services please visit the website www.wjclaw.co.uk or telephone 01384 371 622.
For more information on legacy giving with the Midlands Air Ambulance Charity, please contact the team on 0800 8 40 20 40 or visit: www.midlandsairambulance.com