Executors and Trustees


When making a Will you'll appoint a person, or persons, who'll be responsible for carrying out your wishes.

 

They'll be required to gather and preserve your assets, pay the relevant taxes, obtain probate, sell any assets that must be sold and finally distribute the remainder (ie. your net wealth) to your chosen beneficiaries.

 

Under some circumstances your assets may not be payable immediately to all of those named in your will, for instance a gift to children under 18. In cases like these a trustee must be appointed. Generally we recommend that the trustee and executor are the same person.

 

Trustees are responsible for the safekeeping of assets for the benefit of the beneficiaries. Trustees are entrusted with investment and occasionally they will have the ability to use the monies to the benefit of the beneficiaries, for instance to pay for education costs.

 

At least one executor must be appointed to carry out your Will and if your Will contains a gift to children then two executors are required.

 

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