Executors, Trustees and Beneficiaries
Executors are those named in your Will to be responsible for ensuring that your wishes are carried out. You may appoint one or more executors and they can include your spouse or partner or other members of your family, or a professional person such as a solicitor.
- It is common for a family member and a professional to work together as co-executors – the family member know you and understand your wishes, while the professional has experience and specialist knowledge. Professional executors are paid fees for acting.
- Make sure the executors you plan to name are happy to take on this role. Your executors can make the application for probate and administer the estate personally or they can instruct solicitors to assist.
- Clients often appoint professional advisers as executors and appreciate both the independence and the expertise that we can bring to personal and business issues.
The role of trustees can arise through appointment when a trust is set up or during the course of administration and should be made on terms that reflect the settlor’s wishes.
There are different types of entitlement under a will or trust and these range from specific amounts of money to possession or investment or shares of them to individuals or to classes of person including infant children.