When making your Will with us, it’s important that you understand the differences between the roles and responsibilities of executors and trustees. Although many of our customers often choose to name the same people for both roles, you may wish to take a different approach based on your own circumstances, the individual's ability to fulfil each type of role and the information provided in this guide.
What is an executor?
Your appointed executor is the person that Will administer your estate in line with the terms you include within your Will as well as the law after you have passed away. An executor is also the person that applies for legal authority from the government before they can deal with the estate. This is called applying for a grant of probate.
You have the ability to appoint and delegate different executors to administer particular parts of your estate. However, it is worth keeping in mind that you can only appoint a maximum of four executors to act with respect to the same part of the estate. Should one or more of the executors pass away or cannot act on your behalf, others Will be able to apply.
What duties and responsibilities does an executor have?
Executor duties include, but are not limited to:
- Finding and identifying the assets and liabilities of the estate
- Applying for a grant of probate
- Advertising the death under section 27
- Ensure all claims and debts are received, reviewed and paid
- Filing tax returns and paying any inheritance tax
- Arranging the funeral
- Identifying beneficiaries and distributing the estate of the deceased in line with the Will
- Transferring assets to trustees if applicable
- Defending the estate
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What is a trustee?
A trustee is a person who Will take legal responsibility for managing money or assets that have been put into a trust for the benefit of someone named in your Will. The trustee must always act in the interest or benefit of the beneficiaries under the terms laid out in the trust.
If you would like to include more than one trust in your Will, you can also appoint different trustees for each individual trust. As mentioned above, it's not uncommon for testators to name the same persons as an executor and trustee, however, you may want to choose different people to reduce the chances of conflicting interests.
What duties and responsibilities does a trustee have?
Trustee duties include, but are not limited to:
- Keep note of any income and expenses as part of the trust
- Ensure any tax owed is paid on the trust
- Keep accounts
- Protect the assets held within the trust
- Distribute income and capital in line with the terms laid out in the trust
- Not benefit personally from the trust
- Provide a duty of care and act impartially based on the circumstances
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