Executors and Trustees
When you make a will you must decide on who is to become the executor and who should be the trustees. It is perfectly fine to have just one executor, and many people choose their partner or spouse to fill this role.
The executor will complete any paperwork that needs to be dealt with after the death, arrange for the funeral, and deal with the distribution of the dead person's estate, including paying any fees due such as inheritance tax. In most cases the role is relatively straightforward, but can take weeks or months to complete. Therefore an executor should be local where possible, have the ability to take time off work, and be fairly well organised themselves. A reserve or substitute executor should also be made as the original choice may die at the same time, or not be able to act. Having a substitute ensures you remain in control of who is chosen. If you are stuck, then it is possible to have a professional trustee appointed, and we can help you here if needed.
There must be two trustees however, as decisions made by a trust should be made by two people. The same person can act both an executor and a trustee. A trust is created when money or assets cannot be given away immediately – for example young children. The trustees will manage the money until it can be given away. Once again, there should be substitutes appointed in case someone can't act for a reason. A2Z Wills can help you make the right choices.