Planning what happens to your possessions, assets (or estate), and money after you die can get complicated. There are different roles and responsibilities, which ideally should be outlined in your Will. In general, the roles outlined in a Will are similar. However, depending on the complexities of the estate, there could be additional roles; an example of this would be when an estate includes a trust. In some cases, you will need to appoint a Will trustee.
A Will trust is a legal agreement which gives someone the responsibility to look after someone’s inheritance. There are a few situations where a trust is appropriate, the most common being that the person who benefits from the estate is under 18, or the age set for them to receive their inheritance. Another reason might be that they do not have the mental capacity to manage their inheritance themselves.
Different types of inheritance can be placed in a trust, including money, property, land, and personal possessions. When a trust is created, someone must be appointed to look after whatever has been left. The person or people appointed to look after the trust are called Will trustees.
What is a Will Trustee?
If someone has placed part of their estate in a trust, they will appoint someone to look after the assets until the beneficiary is able to access it themselves. Alternatively, if someone is unable to manage their inheritance themselves, someone will be appointed to do that for them. A Will trustee is someone who has been outlined in the Will to take on this responsibility. Within the Will, there will be instructions on how the trust will be managed and it will be the trustee’s responsibility to make sure it is handled in the way that is outlined.
What are the Roles and Responsibilities of a Will Trustee?
Every Will and trust is unique, and the role of a trustee can be complicated depending on the complexity of the estate. Generally, there are some key roles and responsibilities of a Will trustee:
Managing and distributing the trust’s assets – as part of the probate process, whatever has been placed in the trust needs to be managed and distributed for the beneficiaries. Whether it’s money, property, or other types of investment, the Will trustee will be responsible for making sure they’re acting within the best interest of the beneficiaries and with the wishes of the deceased at the forefront of their mind. When the assets should be distributed will be outlined within the Will or trust document.
Dealing with debts and other expenses – in some cases, a trust is created to pay off debts, in which case the trustee will be responsible for making sure this happens. On top of that, there may be administrative fees, such as paying for a lawyer, which may need to come out of the trust’s assets. Inheritance Tax will also need to be paid throughout the lifetime of the trust.
Acting in accordance with the Will – within the Will, there will be instructions for the trustee to comply with. They will also be responsible for making sure that they’re acting within the confines of tax laws, and that the trust complies with these.
Communication with beneficiaries – making sure beneficiaries are up to date with what’s happening with the trust is not only good practice, but also a key role for a trustee.
Working with professionals – being a trustee can be complicated, and not everyone who’s appointed has a good knowledge of the law of probate and its surrounding rules and regulations. That’s why it’s highly advised that they get the help of accountants, and lawyers to ensure they are managing the trust correctly.
Our Wills, trusts and probate team are trained in dealing with the complexities that come with being a trustee, and we’re here to help. Whether you need to choose a trustee for your Will, or you have been appointed as one, it can feel like a big responsibility. Having the right support can make all the difference, so get in touch today and see how we can help you.
Choosing a Trustee
When choosing a Will trustee, the most important thing is to make sure they can carry out the role. Trustees can renounce their role if they do not feel able to follow through with it, but this can cause complications. That’s why choosing a trustee can be a difficult decision, but there are options for those in this position:
Friends and Family – a common choice when it comes to choosing a trustee is picking a family member or friend. This is because they are usually close enough to understand the dynamics of the situation. For example, if someone was leaving something for their grandchild, they may choose to have their child (the grandchild’s parent), as a trustee. However, it’s important to appoint someone who is reliable and good with money.
Solicitor or Other Qualified Professional – if someone is struggling to find a reliable person to appoint as a trustee or they would rather it would be dealt with by a professional, they can use a solicitor or other qualified professional. A professional can either help appointed trustees with their role and responsibilities, or they can manage the trust. This will be set out in the Will, if that’s the wishes of the deceased, or if someone wishes to renounce their role as trustee, this could be a viable alternative.
Who you choose as a trustee is dependent on your individual circumstances. If you want more information on setting up a trust, our lawyers are here to assist you in any way we can.
Wills, Trusts, and Probate Lawyers
At PM Law, we understand that these matters are sensitive. Whether it’s writing a Will, setting up a trust or dealing with parts of the probate process, these things can get complicated and feel overwhelming. That’s where we come in. We’re here to help and advise you along the way. We deal with each case sensitively and are committed to helping our clients along the way.
Contact us today and see how we can help you.
