Executors

These are the individuals that you nominate to deal with the process of “probate” (see our probate section) and see through the wishes of your will. You can choose one or more executors but a maximum of four can act together at any one time according to law.

The role of the executor carries serious responsibility and can prove to be onerous.  In brief the main duties include;

1. Obtaining the original will and the death certificate
2. Give consideration to the terms of the will and any special provisions and clauses as well as establishing the identity of the beneficiaries and the extent of their entitlement
3. Liaise with the family and assist with funeral arrangements
4. Obtain details of the deceased’s property and of any outstanding debts, share holdings, savings etc
5.  Pay the deceased’s funeral and estate distribution costs
6.  Deal with the Inland Revenue and payment of any Inheritance tax due
7. Deal with the surrender of any life assurance policies
8. Prepare accounts at the end of the probate process

In short, the executors have a moral and legal duty to carry out the wishes of the deceased and can be held personally liable if they are found to have been negligent.

For this reason, you may wish to consider the appointment of a professional executor to act either in conjunction with existing executors or solely. It can be a huge comfort to know that you are not alone in dealing with matters and there are professionals to help and advise you or even handle matters completely.

Will Assist Ltd can recommend the services of the SWW Trust Corporation (www.swwtrust.co.uk) who can provide this service. They can be nominated in your will but will stand down if requested to do so by the other executors/ representatives at the probate stage without charge if they decide they do not wish SWW to act. SWW charge a modest fee based upon the deceased’s estate for their services if instructed to act. Please ask for further information during your consultation.

Guardians

If you have children under 18 then you can use your will to appoint guardians to take on the role of raising your children in the event of your death. Without this express instruction in your will any children become wards of court and it is they who will decide who they go to.

It may be helpful to make at least one guardian a joint executor as they have a right to money from your estate to help towards the cost of bringing up your children. You can restrict the amount of money they are entitled to then it may be wise to leave the money in trust and Will Assist Ltd can advise and guide you on this matter. If you have disabled children who are likely to require specialist care either at home or within the local authority, a trust will be required to ensure that adequate funds are available for their future. There are several trust companies which can help, please ask us for further details.

Trustees

It may be advisable to create a trust or a number of trusts within your will depending on your individual circumstances. Trusts are legal entities which are normally created upon the death of the testator or testatrix (the person creating the will, these are the masculine and feminine terms). A trust will be administered by trustees   (usually two or more) nominated by the testator and these are the people who will act on behalf of the deceased in accordance with their wishes.  So that there are no binding obligations upon trustees, trusts are often “discretionary”, ie it is down to the discretion of the people administering the trust as to how and when the intended beneficiary receives the assets or income.

An example might be Mr.Smith leaves £50,000 in a discretionary trust for his grandson Tom. As the trust is discretionary, the trustees may decide that at 18 Tom is still too young and impulsive to receive the money in one lump sum. There powers therefore allow them to perhaps pay one quarter of the fund on attaining 18 and to advance a further payment when Tom buys his first house, or goes to university. There are many different permutations to this scenario and the area of trusts is a complex one, however their potential benefit by inclusion in a will would be established by Will Assist Ltd once we have a full picture of your circumstances.

If required, trustees are often the same people elected to be executors and or guardians and again SWW can be named in your will as professional trustees to act on your behalf.

In summary, all the roles mentioned above carry serious responsibility and you should give careful thought to who you choose as well as of course discussing your intentions fully with those involved!  As part of our service, we are more than happy to speak with and visit any of the people you nominate and explain in full the duties they could expect to carry out in the event of your death.