Making A Will

Making a Will will not kill you! - but what will happen if you don't make one? (Cont...)

What are Executors and Trustees?

Executors are the people who you appoint in your Will to be responsible for your affairs after death. This involves:

• Collecting in your assets after death.
• Paying the funeral account and any outstanding bills at death out of your assets.
• Working out who is entitled to inherit the remaining assets and distributing the assets to them.

Where there are trusts in a will, often resulting from gifts to children who are minors at the date of death, it is the Trustees who hold the funds for the children until they are entitled to payment under the terms of the will. This is usually at the age of 18 or 21. Often the Trustees are the same people as the Executors. The Trustees will hold the funds in appropriate investments. Subject to the Trustees being satisfied as to the need for money, they can use both the income and the capital for the maintenance, education or other benefit of the children. The money however, is in the Trustees' control and not in the children's control.

Who do I appoint as my Executors and Trustees?

An executor and trustee can also be a beneficiary. Therefore most people usually appoint their wife or husband and / or children to act as executors and trustees. Alternatively, if you feel that someone outside the family is needed, perhaps to act as an independent influence, you could appoint a close friend, one of the other beneficiaries, your Solicitor or Accountant.

Should I appoint Guardians?

Yes. For anyone who has infant children it is particularly important to make a Will, if only to appoint Guardians. Indeed we believe it is irresponsible not to do so! The appointment of a guardian will take effect on your death provided there is no surviving parent with parental responsibility for the child at that time. Please also refer to Guardians.

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The articles on legal topics published in these pages are for interest only and are necessarily general in their terms. You should not act (or refrain from acting) on the basis of the information given without specific advice, as the principles and laws concerned may change, and their application will vary according to the particular circumstances.