Introduction
This article is one of a set about wills. While some of the information pages explain various pieces of legislation which are relevant to making a will, others explain a particular aspect of will writing that you might like to consider.
This article explains the role of a trustee and gives you tips on how to choose the best trustee for you.
Who is a trustee?
A trustee is someone who is given legal responsibility to hold property in the best interest of or for the benefit of someone else. As the name implies the trustee acts under a “trust” to do what is best and to act in the interests of others (the beneficiaries) and not him.
Powers of a trustee
The Powers of trustees are set out in the Trustee Act 2000. The main purpose of the Act is to restrict the powers. But in many areas, the statutory powers can be extended (the restrictions can be reduced. Great care should be taken as to what powers are required in each set of circumstances. One historic problem for trustees has been the incomprehensible nature of trust deeds, so that most people would have great difficulty in understanding what they may or may not do as a trustee.
Trustees are appointed both privately and by law. For example, trustees will be appointed to look after any money belonging to a person unable to look after it for himself - through old age, or injury or infancy. However, the trustees most familiar to us are probably those responsible for a will trust. The executors in a deceased estate are trustees with a special task, namely the winding up of the estate.
When a testator (that is, the person who wrote the will), creates a trust by his will, it is usual for the executors to continue in office as trustees of the trust. It may not be possible even to identify the precise day that they took off their hats as executors and put on their trustees hats instead.
Appointing different trustees for specific tasks
Sometimes a testator appoints a different set of people to be trustees. For example, in considering a discretionary trust for grandchildren, it may be sensible to find young trustees, even though the testator may want specific other people to act as executors. Another example of different trustees may arise if guardians are appointed for children. It may be sensible to appoint the guardians as trustees only of a children’s trust.
The Trustee Act 2000 provides the framework within which trustees must act.
Making it easy for your executors and trustees
A little thought and organisation will make it far easier for your executors to deal with your estate fast and at low cost:
1.Place your original will somewhere safe.
2.Then make sure you place one copy where it would easily be found. Many people give a copy to a child or close relative, or to a proposed executor, although there is always the chance that they may open and read it.
Your solicitor will keep your will safe, probably at no cost. But he may insist on drawing it for you first and will expect your executors to come to him when you die, to instruct him for the (very profitable) probate work.
You can also leave your will with your bank, but they do charge for keeping any possessions. The procedures for withdrawing it may be somewhat tedious too.
A very good place to keep your will is with the Probate Registry. They do make a charge, but it is only nominal. They give you a certificate of deposit. If you lose that, it may not be possible for your executors to obtain your will. This may be a good solution if you are concerned that someone may tamper with your will, or simply because you want to be sure of secrecy.
Another benefit of using the Registry is that they keep an index of wills which is searched by them automatically every time any application for a grant is made. So if your name is there, it will not be overlooked.
Probably the best place to keep it is in a safe place at home with your other business papers. It is likely that you will want to re-visit your will from time to time, so it is usually convenient if you have a copy handy for that purpose.
3.It is also important that your family and executors can locate all your business papers. It is a good idea to make a file of all of them, and then tell your family where you keep the file!
D list of the names, addresses and contact details of everyone you want to be told of your death;
A note of the whereabouts of your will, birth and marriage certificates, national insurance number, any decree of annulment of marriage or divorce, pension documents, benefits books or papers.
A schedule of assets and debts;
Papers relating to your insurance, pensions, bank statements, share certificates and so on.
Land certificates and title deeds to property abroad;
The names and addresses of your accountants and solicitors;
A list of the dates and amounts of any gifts you have made over the last 7 years and the identity and addresses of the beneficiaries.
If by chance you find some error of law or fact in any Net Lawman information page, do please tell us. We should also welcome your suggestions for new subjects for information pages. These notes:
Do not provide a complete or authoritative statement of the law;
Do not constitute legal advice by Net Lawman;
Do not create a contractual relationship;
Do not form part of any other advice, whether paid or free.
