Wills

[firstdayoftherestofmylife]

Could someone please explain the difference between beneficiaries, executors and trustees of wills please? Is it possible, or normal, to be two or even all three of these things at the same time in relation to a will?

Beneficiary - someone who gets something from the will. You can have specific beneficiaries (Auntie Flo gets the living room rug) and general beneficiaries (cousin Tom gets the residue of the estate (what is left after the specific beneficiaries)
Executor - the person who administers the estate. They have to get all the paperwork together, apply for probate (if necessary), pay debts and distribute to the beneficiaries. Professional executors will charge, others may not and can employ experts as necessary and pay for them from the estate. Make sure they are happy to do it.
Trustees - if the will leaves things in trust (ie to minor children), they manage the money on behalf of the beneficiary of the trust. Professionals will again charge.
People can be one, two or all three.
I would not advise appointing a solicitor or professional as trustee or executor, as they will charge and it is difficult for a beneficiary to challenge the costs. Appoint a friend/family member and they can employ someone if they need to, but control the costs.

I would not advise appointing a solicitor or professional as trustee or executor, as they will charge and it is difficult for a beneficiary to challenge the costs. Appoint a friend/family member and they can employ someone if they need to, but control the costs.

Or you could choose a solicitor that you know has a fair charging structure acceptable to you. Big law firms and banks usually have ridiculous fees, often a percentage of the estate, but smaller firms are often far more reasonably priced. You just have to ask them before you sign the will appointing them, just as you would with anything else you buy.

Personally, we've appointed eachother to act as executors but if we both die, have appointed our solicitor whose fee terms are confirmed in a side letter. We've done that because we don't want our only son to have to deal with the probate etc and don't have any reliable siblings capable of doing it properly. We know how much the solicitor will charge and are happy with that.

Pacer142 You may be happy today, but in 20 years time, when the firm has been brought out and all the partners changed?

Thanks for your replies.

There are no minors involved as beneficiaries, all 3 are adults. All 3 are also named as executors and 2 have been appointed as trustees by the solicitor who is executing the will. The third adult is not/cannot be a trustee because they are part owner of a house which is part of the deceased's estate. There is no dispute about the will, it has been split equally and there are no issues.

The solicitor has requested that the 2 become trustees. I am just curious as to what exactly that involves.

Pacer142 You may be happy today, but in 20 years time, when the firm has been brought out and all the partners changed?

1. I'll have changed my will by then - it's not a "once only" document. I'm already on my third will aged 54 which I've changed when circumstances have changed.

1. I have no hesitation in changing the will to reflect different executors if that happens, but as it's a very long established small practice where retired partners have been replaced internally by long term staff, and the 3 partners are different generations, I don't expect it to be bought out by a larger firm any time soon. Change happens slowly over time - it's not a firm where all the partners are similar ages and likely to retire together nor a firm where new partners are "imported" externally. Basically, I have confidence/faith in the firm as they've been our family solicitors for generations. Like I say, if things change, so will my will!