Trustees

Trustees are appointed to look after assets on behalf of beneficiaries, usually for underage children, or if a specific trust is set up within the Will. Specific Trusts may include:

Leaving assets for a beneficiary to enjoy during their lifetime and then passing to another beneficiary(s) on their death. Examples being the residue of the estate left so that the spouse enjoys the income and lives in the house, all of which then passes to the children. This prevents the loss of the assets if the surviving spouse remarries or simply writes another Will excluding your children;

Permitting a relative or employee etc to continue their occupancy of property after your death under terms stated in the trust. This may be living rent free or occupying only on the condition that all expenses, repairs and insurance payments are made to the satisfaction of your Trustees. Ownership passes to your beneficiary when the trust ends;

Protecting a disabled or mentally handicapped beneficiary with a Discretionary Trust which ensures that they benefit from the legacy without suffering the loss of any state benefits which may be means tested;

Preventing the loss of the legacy if there is a likelihood of the beneficiary being declared bankrupt by the use of a Protective Trust.

Whatever the circumstances and intentions, it is normally possible to provide a solution by customising one of the many trust options available.

Executors are often also appointed as Trustees and if they are to look after property or land it is advisable to appoint at least two people. When all the circumstances are known then appropriate Trustee powers will be discussed to ensure that your Will contains adequate protection for beneficiaries as well as flexibility and ease of operation for your Trustees

Sometimes business interests are such that it becomes useful to consider appointing separate Executors and/or Trustees to look after those specific assets. Whether this is required is dependant upon the nature of the business, and whether you intend the business to pass to a beneficiary as a going concern or to be run only until it can be sold with the monies realised passing to a beneficiary. Remember that unless you operate the business as a sole trader you should also confirm what your Partnership Agreement or Articles of Association as applicable say on how your share of assets can be distributed.