If you are new to legacy management, it can feel quite daunting. But the most important thing to remember is that you are not alone and that there is a lot of help and support available. Smee & Ford have close links with The Institute of Legacy Management who provide a wide range of help and support for those starting out in the profession. We recommend contacting the ILM directly for any advice on handling sensitive communications to executors and best practice.
ILM is a membership organisation for legacy professionals which offers help and support to all those involved in legacy management. As well as training and events, they also offer free advice on their website, including Good Practice Guidance. This Guidance establishes a set of five core principles that are integral to the work of all legacy professionals. These are
You can read about these principles in details here:
One of the issues ILM considers in its guidance is how to deal with executors. These are the top three considerations:
For more guidance please refer to the ILM Good Practice Guidance – Communications following receipt of gifts which you can see here.
When to collaborate with other charities
Often gifts are given in the same will to more than one charity. If you are named in a will alongside other charity beneficiaries, working in collaboration can often speed up the administration of the estate and is likely to reduce costs. Drawing on the experience of the other named charities can also be very helpful. Some charities have experts in tax or have experienced lawyers who can advise on particular issues.
ILM offers some guidelines on how to get started in working together. You can read them here.
Guidance for Executors
Executors might also need help and advice when they have been given the responsibility of carrying out a person’s dying wishes. ILM also has some helpful guidance here.
There are lots of new terms you’ll come across straight away in your role, and our jargon buster will help you to understand immediately what these terms mean…