Choosing an Executor and Trustee for your Will

by admin on January 26, 2011

Choosing an Executor and Trustee for your Will

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Home Page > Law > Health and Safety > Choosing an Executor and Trustee for your Will

Choosing an Executor and Trustee for your Will

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Posted: Jan 25, 2011 |Comments: 0

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Your will specifies how you would like your assets to be managed after your death. It outlines who will receive benefits from each of your assets – including land, possessions and investments. In your will you also nominate guardians for your children and outline your wishes for your funeral.

The Executor and Trustee

When you create a will, you nominate a person as the executor and trustee of your estate. This person is responsible for ensuring the terms of the will are carried out and takes care of administration for different aspects of the will.

You can nominate a close friend or family member to act as your executor and trustee. Duties include distributing assets, holding assets in trust (if a beneficiary is underage, for example), selling assets, filing for probate, or dealing with anyone who wishes to contest the will.

Due to the complex and time-consuming nature of the job, many people now choose a professional executor and trustee. Using an independent trustee such as Smith and Partners offers several benefits:

An independent trustee is impartial. With no vested interest in the distribution of assets, an independent trustee can manage conflicts between beneficiaries, especially during such a difficult time.
An independent trustee understands the legal and administrative process of dealing with your estate. They ensure the distribution of assets goes as quickly and smoothly as possible.
A firmly established trustee company will be there when you need them; unlike a relative or friend who’s circumstances might change.
The independent trustee ensure all details of the will remain confidential and that beneficiaries receive the correct information when and where it’s needed.
A trustee company normally uses a secure facility to store wills and other important original documents.
Trustee companies are given special privileges under law, allowing them to place a portion of assets on hand immediately to cover funeral costs and the personal needs of your family.

Whoever you choose as an executor and trustee, they must be someone you trust, and have the skills and experience to deal with the process.

About the Author:
Smith and Partners provide legal services for all legal matters.
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