Your Will plays a significant role when you are organising your estate because it clarifies what you want.
However, within your Will, there are roles each person will take, whether that is being an executor, a trustee or a beneficiary of your estate.
It’s important that each person knows and understands their role because of the responsibility that comes with it.
If this isn’t clarified in your estate, it can lead to issues when distributing your estate and potential legal challenges.
What are the main roles that I need to clarify in my Will?
The two main roles within your estate are executors and beneficiaries.
Beneficiaries are any individuals or entities, such as your family and friends and any charities named within your Will that will receive assets or property from your estate.
An executor is an individual you appoint to ensure your wishes are followed as expressed in your Will.
They can be a beneficiary within your estate, such as a family member or friend you can choose to appoint an external executor, like a solicitor.
By law, they will need to follow what is outlined in your Will, which includes managing your assets until they can distribute them to beneficiaries, building strong communication lines with all parties and ensuring all legal requirements are met.
Your executors are also responsible for initiating the probate process by identifying your Will and assets, settling any outstanding debts and taxes and distributing assets to beneficiaries.
It’s important you pick the right executors for your estate because it must be people you wholeheartedly trust to protect your interests.
It is also recommended that you choose contingency executors if your primary executors cannot fulfil their responsibilities, so that your wishes can still be followed.
Are there other roles I need to consider when organising my estate?
There are other roles to factor in, but these will be dependent on certain circumstances, such if you have any children under the age of 18.
If you decide to place any assets in a trust, you will need to clarify who the appointed trustee is.
Usually in place for children under the age of 18, the trustee’s sole responsibility is to manage the contents of that trust until the beneficiary is legally allowed to inherit.
Another role you may need to confirm within your estate is who will be the legal guardian of any young children, as they will be responsible for looking after them until they reach the age of majority.
This will not apply to everyone, but it’s good to know about the role if your circumstances require you to clarify who will look after your children.
Why clarifying roles within your Will is important
Outlining these roles helps ensure your wishes are met and understanding how each role works means you can create an estate plan that meets your needs and those of your loved ones and reduces the risk of disputes and legal action.
This is where our amazing team of solicitors can help. The Palmers team has extensive experience helping individuals organise their estates and put Wills in place that reflect their wishes.
Our team offers tailored advice and support to meet your needs. We will explain the roles and how each works to give you the tools to make the best decisions for your estate. For support organising your estate, contact our expert team today.