Executor & Trustee

[Ravima]

Is it necessary to have both? What is the function of the trustee, if there are no 'vulnerable' or infant beneficiaries?

 

[WizardDr]

It depends - the executor arranges the execution of the will and ultimately payment to beneficiaries.

The role of a Trustee is very different to the role of the Executor, and Trustees will only be needed if a Trust arises under the Will. The Trustees are the people responsible for looking after the assets in the Trust for the benefit of the named beneficiaries e.g. trust fro minors / discretionary trust

(this is simplifying these greatly but you get the picture.)

 

[Ravima]

Thanks WD. I was looking at a will recently, where there are three adult children, but for some reason the executor was also appointed as a trustee. The estate is quite simple, house and cash. One of the children is married and his children are now all aged over 21. Do you think the trustee was simply there, lest he died and the money was to be held in trust for his children?

Mind you trustee seems to have great powers in the will and can decide when to distribute. I would have thought that estate should be wound up/distributed asap??

 

[ClubMan]

One of the children is married and his children are now all aged over 21.

This is confusing.
One of the children is married.
And that child's children - i.e. the grandchildren of the deceased - are over 21?

Do you think the trustee was simply there, lest he died and the money was to be held in trust for his children?

Can't the solicitor who drew up the will clarify?

 

[Ravima]

Hi Clubman,

You have correctly interpreted the first sentence.

I presume that the solicitor who drew it up could and would clarify it, but the relationship between executor and beneficiary is strained, to put it mildly. I'm not sure if a beneficiary can contact the solicitor.