Appointing Executor(s)

Executors are the people you choose to carry out your wishes and manage your estate once you have passed away. They are responsible for collecting in your assets, paying any debts and funeral expenses and transferring any gifts to your beneficiaries. If you write a Will you can appoint people who you know and trust to act as your executors. It is a good idea to appoint at least one or two executors acting solely or jointly, as well as a reserve, in the event that the Executor(s) are unable to act.

Appointing Trustee(s)

A Trustee is a person who manages any money or property that has been placed in Trust in the Will, for example where children who are due to inherit are under the age of 18, or in the case of vulnerable beneficiaries who aren’t able to manage it themselves. When you appoint a trustee, it should be someone that you trust. If they were to mismanage the assets then this could be a criminal offence. Often the Trustee is the same person/people as the Executor, but this doesn’t have to be the case. If there is no one that you would trust to handle the assets you would ultimately like to pass on to a beneficiary then you could appoint a professional trustee.

Appointing Guardians

A guardian is someone who has the legal authority to take care of a child (under the age of 18) in the event of the death of their parents or carer.

Choosing a guardian can be, in some cases, a fairly difficult decision to make. Here are some factors for you to consider ensuring you make the best choice: –

• Location – do they live nearby? If not, your child will be moved away from their school and friends which is all familiar territory to them and their “safe place.”
• Lifestyle – if the children have been born and raised in the UK, they will be used to a lifestyle. Does your guardian share a similar lifestyle?
• Other children – does your guardian have other children and will they able to raise another child?
• Stability – it is important that your children become part of a stable family environment, both financially and emotionally.
• Personality – does your guardian have certain personality traits i.e. patient, caring and trustworthy?
• Familiarity – does your child know and like the guardian?
• Values – are there any cultural or religious values you’d like your children to be raised with? Does your guardian share the same values?
• Capacity – does your guardian have the mental and physical ability to raise the children? i.e. if children are minor

You can appoint more than one guardian, and it is a good idea to nominate a reserve in the event that the Guardian(s) are unable to act.

Do you wish to leave any specific Gifts (legacy’s)?

A legacy could be an item of jewellery, a coin collection, valuable painting or family heirloom that has passed through generations which you would like to go to a specific person.  It could be a sum of money that you wish to leave to someone, or even a donation to charity.  This section of the Will can be used to list any gifts that you wish to give to someone outside your ‘order of Inheritance’.

Who do you want your Estate to go? (Order of inheritance)

Under a Will you have power to distribute any assets owned in your sole name, as you see fit.  In relation to assets owned jointly, such as a property and/or joint bank accounts, these will usually pass to the joint owner automatically, regardless of what is in your Will, under the right of survivorship Law.

A Will allows you to decide who your Estate goes to and in what shares.

If you have young children, you may not wish for them to inherit on reaching the age of 18 (many people feel this is too young).  Instead, you can specify what age they inherit and in the meantime the Trustee can manage the money on their behalf.  Although the money is held in Trust for the children until they reach the age specified, the Trustee does have the power to release some of it early if it is to be used for something sensible, such as university fees.

Similarly, if your children are grown up and financially stable themselves, you may wish to divert some or all of your Estate to your grandchildren therefore allowing you to skip a generation.

Are you excluding anyone?

If there is someone specific that you do not what to inherit from your estate, then it is recommended that you state this within your Will.  However, if that person believes reasonable provision shouldhave been made for them in the Will, they may still be able to challenge under the Inheritance (Provision for Family and Dependants) Act 1975. If you are choosing to exclude someone from your Will then you might want to write a letter of wishes to support the Will. Whilst a letter of wishes is not legally binding, it will give your executors and trustees information about why you are choosing to exclude them. In addition, should the case go to court for deliberation then the court may take this into account.

 

Memorandum of wishes

A memorandum, or letter of Wishes, can be used to explain in more detail, the decisions made in your Will.  Although not legally binding like the Will, it allows you to give your Executors and Trustees further guidance on how you would like the Estate to be dealt with.  A Memorandum of wishes can also be used to elaborate on funeral wishes, such as listing which hymns you would like at your service or what you would like people to wear.  It can also be used to give the Guardians instructions on how you would like the children to be brought up.

If you would like further advice on making a Will, please contact us using the details below.