A question that clients commonly ask is whether there is a difference in the role between Executors and Trustees, and whether they can be the same people.
In short, the Executor's role is to administer the estate under the terms of the Will and a Trustee will only be required if a Trust arises under the Will. The Trustees will be responsible for managing the assets in the Trust for the beneficiaries once the Executors have completed the estate administration.
The Executors and Trustees can be the same people, but it is important to consider if they will be financially involved at any stage and therefore if it is better to appoint independent Trustees. A competent adviser will be able to guide you through the drafting process to ensure the right people are selected for the right roles.
If you would like to know more about the exact duties of an Executor or Trustee, or would like to draw up a Will or Trust, please call the Private Client Department on 01245 228125 or email PrivateClientEnq@gepp.co.uk.
This is not legal advice; it is intended to provide information of general interest about current legal issues.
