This year has highlighted for all of us just how important it is to have a plan to support your family no matter what’s happening in the world. So, it’s always best to be prepared for the unfortunate inevitability of death and what happens to your family after you’re gone.
This does not constitute advice and advice should be sought in all instances before acting on it.
Creating a will is one of the most important life tasks. Wills allow you to decide who gets your assets and how they are distributed to the people you want them distributed to.
Don’t forget to revisit your will after marriage, divorce, births, adoptions, deaths, etc. as you’ll need to adjust for changing circumstances.
There are tough decisions to be made when drafting a will, but one of the essential parts of creating an estate plan is to select the people who you trust to help you carry out your wishes. Among these roles are executors and trustees, but what should you look for in the person/people who will help execute your plans once you’re no longer around? In general, you need to take into account
- age – anyone aged 18 or over can be appointed but consider if their appointment is age appropriate.
- personality – are they organised? Do they feel overwhelmed dealing with paperwork? Are they trustworthy? Are they reliable?
- suitability – are they easy to get in contact with? Do they have a very busy lifestyle or lots of other responsibilities?
- even backup options – who will stand in if the person you wish to appoint passes away before you, is too ill to act or simply does not want to take on the responsibility?
Here is what you should consider when the time comes.
Executor
This person is responsible for determining what property you owned, compiling a list of your creditors and debts, taking control of your assets, and protecting your assets after you die until your estate has been distributed to your beneficiaries.
It’s not a role that requires a person’s time and attention for a long time, but for the time they are required, it could entail a lot of work. You should select someone that is comfortable with court filings and, in some cases, tax returns.
This work can usually be outsourced, but an executor will still be the point person on any dealings associated with the estate. If you elect multiple executors, make sure they are comfortable working together and share the common goal of executing your will to your wishes.
Professionals such as solicitors or accountants can also be appointed as an executor, but there is often a fee involved for this service.
Trustee
This person oversees the administration of your trusts while you’re alive and once you’ve passed.
Generally, a trustee needs to dedicate more time overall to the job but requires a narrower scope; they can either control all of the assets and their distribution or merely follow the instructions on the predetermined agreements. They should also be comfortable with submitting court filings, trust accounting, and reporting on the performance of the trust to beneficiaries and other interested parties.
Trustees are not only tasked with conserving and protecting assets but also growing them. And you can select both professional and family/friends and have multiple trustees to ensure your wishes are followed.
Make wills simple – work with professionals
Writing a will might seem like a straightforward process, but there are so many things to consider it’s easy to make mistakes and you should continually review even after the initial document has been finalised. It’s always best to employ a professional will writing service so you can ensure peace of mind when it comes to providing for your loved ones after you’re gone.
Professionals know the importance of correctly completing a will, so the language will always stand up to scrutiny and no stone will go unturned.
We work with Hodders Solicitors* to provide all-round professional will writing and support to clients.
If it’s time to write or review your will, contact us to talk through your plans.
* By clicking the link, you are now departing from the regulatory website of Dental & Medical Financial Services. Dental & Medical Financial Services is not responsible for the accuracy of the information contained within the linked site.
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