Trustees are the individuals you appoint in your Will to look after your property until, for example, a child is old enough to inherit or where a life interest has been created. The Trustees are usually also the Executors, although in some circumstances we may recommend that the two roles be kept separate.
If your Will is to contain Trusts then we will take you through various choices regarding:
- how the Trust is set up and run
- at what age the beneficiaries (usually children) will be entitled to receive the Trust Fund
- when, and under what circumstances, money being held in the Trust Fund can be used for the children’s benefit
- whether money can be made available for guardians
- any additional powers the Trustees should, or should not, be given to assist them in running the Trust Fund
- any duties the Trustees should owe to the estate and to the beneficiaries
In choosing Trustees, as with Executors, you should consider:
- age – will the Trustees be able to cope with the work involved in realising your estate? Are they likely to survive to the end of the Trust?
- location – will they be able to deal with the logistics of selling and/or clearing a house, for example?
- finances – do they have the skills to look after and invest a potentially large sum of money? Trustees will be able to take expert advice but will still need to make decisions based on that advice
- moral issues – do the Trustees have the same outlook on life that will mean that they agree to spend money on your children in the same way that you would have done?
Contact us today on 07887 946 557 or online to discuss how Alex Truesdale Wills Limited can help you with a Will or associated service.