Quizzes & Puzzles1 min ago
Will Drafting
3 Answers
Is the will supposed to appoint Trustees as well as Executors or sometimes only Executors?
Answers
Only executors unless some of the inheritance is being placed in a trust.
14:42 Mon 02nd Jul 2012
A trustee is a person or corporate body who holds nominal title to (usually) property for the benefit of others; if you are going to set out the terms of a trust deed I would strongly suggest you consult a solicitor.
If you are doing a DIY will you need to name executors who ensure the terms of your will are carried out, make sure they have agreed to act, they can be beneficiaries but if they are they should not witness the will. If you are in any doubt get a solicitor to prepare the will for you. I think you will find most lawyers will agree they can earn a good deal of money from badly drawn DIY wills.
If you are doing a DIY will you need to name executors who ensure the terms of your will are carried out, make sure they have agreed to act, they can be beneficiaries but if they are they should not witness the will. If you are in any doubt get a solicitor to prepare the will for you. I think you will find most lawyers will agree they can earn a good deal of money from badly drawn DIY wills.
Are you perhaps confused by the term 'trustees' The executors are themselves trustees and are sometimes referred to as that in phrases like 'the trustees of the estate of X deceased'. They hold the deceased's estate, as owners for the time being, for the benefit of the beneficiaries under the will. That ends when all taxes have been paid on it, the deceased's property has been distributed, and all the terms of the will complied with.
But the fact you ask suggests that you'd best get professional help from a solicitor
But the fact you ask suggests that you'd best get professional help from a solicitor