I am second seat trainee in Asset Protection in Exeter. This seat and covers work across both the Tax, Trusts and Succession team (TTS) and the non-contentious side of the Family team.
Asset Protection is an incredibly varied seat, and no two days are the same (however clichéd that sounds!).
Building on previous blogs from Ellen and Henny (Asset Protection: life as a trainee at Michelmores and Reflections on my first seat: Asset Protection), I have set out one of my recent days below.
08:45 – I arrive at the Exeter office and read any emails that I have received the night before. I check my to-do list and add any new tasks that I need to do today. As an Asset Protection trainee, I work with colleagues in both Family and TTS. A clear to-do list is essential to keep on top of all my different tasks.
09:15 – I join the weekly Family team meeting which is held on Microsoft Teams. This is a good opportunity to catch up with colleagues, share updates and discuss work capacity. An Asset Protection trainee also attends two TTS team meetings during the week.
10:00 – My colleague in TTS invites me to a client meeting about estate planning. During the meeting, I take detailed notes of the points discussed and make a note of any points that I would like to discuss with my colleague after the meeting.
11:00 – After the meeting, I have a short de-brief with my colleague and I prepare an attendance note for the file. When the file is open, I will prepare the first drafts of the Will and Letter of Wishes.
11:30 – My colleague in the Family team has recently been instructed to prepare a Pre-nuptial Agreement and the client has just provided us with a breakdown of their assets. I update the financial disclosure schedule in the Agreement and notice that there is still some information that we need from the client. I flag this to my colleague and draft an email to the client, requesting further information.
12:30 – The TTS team have a knowledge session every fortnight and each focuses on a different topic. The session today centred on providing for the continuation of a partnership after death. I make a note of anything that I am unfamiliar with so that I can carry out some research after the session.
13:30 – I meet some of the other trainees for lunch in the conservatory. As it is a nice day, we also go for a walk in the fields next to the office.
14:30 – Back at my desk, my colleague in TTS asks me to prepare two Lasting Powers of Attorney and a letter to the client. Lasting Powers of Attorney allow you to appoint ‘attorneys’ to make decisions on your behalf about property and financial affairs and/or health and welfare matters. I prepare the first drafts and I send them to my colleague for review.
16:00 – Another colleague in TTS calls me and asks me to carry out some research into Section 33 of the Wills Act 1837. I consult a number of good quality sources and prepare a summary of my findings.
17:00 – I am invited to a Will signing meeting in the morning and I review the Will so that I can understand what is being discussed. I update my Trainee journal which is the record we need to keep about the work we do during our Training Contract.
17:30 – I close my time entries for the day and log out. Being a trainee at Michelmores allows me to have a good work/life balance and I stop off at the gym on my way home.
