WillPack

Executors & Trustees

By | Executor, Trustees, Wills | No Comments

Many Testators will choose the same people to act as both their Executors and Trustees, however each role is very different and comes with its own responsibilities so this may prompt testators to consider appointing different individuals for each appointment. Firstly, those who will deal with the administration process of the Estate – the Executors, and those who will manage any assets which are required to be held once the administration of the Estate is complete – the Trustees.   Where necessary and upon the death of the testator, the duty of an Executor is that they shall apply to the Court for a Grant of Probate. This enables the Executor to accumulate the assets and where it is appropriate, liquidate assets to enable distribution, in accordance with the terms of the Will. Before distributions, they must ensure that any debts and liabilities have been settled. The role could include…

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The Number of Trustees

By | Trustees, Trusts | 2 Comments

When a Trust is included in a Will, clients will often wish for their surviving spouse to act as the sole Trustee. Whilst this is not an issue in most Trusts it can cause complications where the Trust includes land (such as a PPT). A sole Trustee is unable to give a valid receipt any capital money arising from land. This means that a sole Trustee of land is unable to deal with any income from a property or sell the property (for example if they wished to downsize under the terms of a PPT). The Trustee is able to appoint further Trustees themselves, however it should be noted that Testator does not get a say on who this Trustee is and it could indeed be someone who the Testator would not wish to act. This restriction does not apply to Trust Corporations; they are able to act solely without…

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