Who should be Executors and/or Trustees?
The Executors and Trustees are normally the same persons. Whilst the Guardians, Executors and Trustees can be the same persons it is sensible to have two of three Executors and Trustees persons other than the Guardians. This protects the children’s money by keeping it separate and also protects the Guardians if the children enquire in the future how their money was used. It is, however, sensible to have one of the Guardians as an Executor and Trustee as a Guardian knows the children’s needs and can help in making decisions. It would be common for families who have children under 18 to have someone from the other side of the family as a second Executor and Trustee and an independent person such as one of the partners of Wilson Nesbitt as a third Executor and Trustee. When the children become adults new Wills can be made making the children your executors & trustees and dispensing with relatives and solicitors.
Who to pick?
An executor or trustee who is indolent, imprudent, lacking in diligence, negligent or wilful can negatively affect the assets your family will inherit. You should thus chose your executors and trustees wisely. They can be a member of your family, a relative or a friend. If your estate is relatively modest and the wishes in your Will relatively simple your spouse or civil partner, a member of your family, a relative or a family friend would ordinarily be the correct appointment. Only one executor is necessary although more than one is fine. If trusts for minor children or others are being created you need a minimum two trustees. Solicitors are often asked to be additional independent executors and trustees.