Wills : Individuals in your will
Testator/Testatrix - the maker of the Will - YOU!
Executor/Executrix - These individuals are those trusted people who will be empowered with collecting in your assets, valuing your estate, calculating and paying any IHT that may fall due, applying for Probate and distributing the assets of your estate to your intended beneficiaries.
Trustees - those appointed to administer the assets of the estate that have been left under a trust to and for the maintenance and welfare of your beneficiaries after the execution of the Will. It is important to note that such trustees are only required in the event that the circumstances following your death and the legacies within your will create trusts on behalf of beneficiaries - usually children under the age of 18.
It is usual practice to appoint the same individuals as Executors and Trustees. It is advisable to appoint both professional and non-professional Trustees. The reason for this is that there is a significant duty of care imposed upon Trustees that may prove onerous for lay Trustees but are understood by professional Trustees.
Guardians - These are people who will look after your children (if under 18 years of age) following your death. A surviving parent from a marriage has certain parental rights over the guardianship of his/her children, so you do not need to name them. If you are not married to the parent of your child you are advised to state your wishes with regard to guardianship, but no advice can be given by us as to the effectiveness of your wishes. Guardians must be 18 or over.
It is important to be aware that in most cases such an appointment will not take effect until after the death of the surviving parent. The role of guardian differs from the role of Trustee in that whilst the latter has the financial responsibility of managing funds held in trust, the former is responsible for the welfare and upbringing of the child. Liaison between the trustee and the guardian is required to plan for the child's financial future. The Wills we prepare include wide powers to enable the trustees to release both capital and income to assist with maintenance, education or benefit of any child in the care of a guardian.
It is similarly important to ensure that the intended Guardians are aware of the appointment of Trustees. We ensure that they receive written guidance on their potential responsibilities.
Beneficiaries - those to whom the assets of your estate are transferred under the terms of your Will. They are usually your spouse, civil partner, children and grand children although they can also include charities.
There are different rules on tax exemptions that apply to different beneficiaries. Generally, gifts left your spouse or civil partner are exempt from IHT whereas gifts to your unmarried partner or children are not. |
