Appointing Executors & Trustees

You will need to appoint executors to administer your estate. They will make application for a grant of Probate, collect in your assets, pay your debts and then distribute the remainder of your estate according to the terms of your will. Usually two executors are appointed, although you may appoint up to four. One executor is normally a relative or responsible close friend. Deciding on your executors requires careful consideration as they will be responsible for all your assets after your death. The welfare of your family may well depend on their judgment. To guard against one of your executors predeceasing you or for some other reason being unable or unwilling to act, you can appoint a substitute executor. Your executors are usually also appointed to act as trustees if property has to be administered for minors or if you have set up a trust by your will. It is not necessary for the same executors and trustees to be appointed to act for your whole estate. You may appoint separate trustees of any part of your estate and this might be the best course where you intend your business to be carried on after your death. If there are to be trusts for your children, you should consider choosing trustees who are relatively young. This may reduce communication problems when your children come of age.