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Aug 26, 2022 · Put simply, a trust is headed up by a trustee who manages the money or assets set aside for someone else. This is usually the best choice if you are making a will and want to leave money or property to someone who cannot take responsibility for those assets themselves.
- Executors and Trustees
- Trustee Responsibilities
- Duties of A Trustee
When you make a Will, you have the chance to name one or more Executors. These are the people who will administer your estate after your death. Within a professionally drawn Will, Executors are often described as ‘Executors and Trustees’. This is because in the context of an estate administration, Executors are also fulfilling the role of a Trustee...
The Trustees become responsible for receiving the inheritance from the estate on behalf of the Trust. Cash or assets are held by the Trustee in accordance with the terms of the Will, until the Trust is brought to an end by the delivery of the cash or assets to the ultimate intended beneficiaries. Trustees must act fairly towards the beneficiaries, ...
The duties of the Trustees are to: 1. Take charge of the assets 2. Make sure the assets are safe and insured 3. Register the Trust for tax purposes 4. Appoint an accountant for the tax returns 5. Take professional investment advice 6. Have annual recorded meetings to discuss matters such as: whether the assets held need to be re-invested; whether t...
Trustees are the people who look after the property in the trust for the benefit of others. Trusts in wills are most frequently used to protect property, and they’re widely used when providing for children in a will or when taking care of vulnerable loved ones.
Aug 14, 2019 · The role of a Trustee is very different to the role of the Executor, and Trustees will only be needed if a Trust arises under the Will. The Trustees are the people responsible for looking after the assets in the Trust for the benefit of the named beneficiaries.
Jan 24, 2020 · It's common for the same person (or people) to be appointed as both Trustee and Executor, but not everyone fully understands why a Trustee is named in a Will or what the role entails. Below, I will explain why a Trustee might be appointed in a Will and how the Trustee works with the Executor.
Jan 26, 2024 · In this blog, we will explain the role of a Trustee in a Will, how they are appointed, and the difference between Trustees, Executors, and beneficiaries. What is a Trustee? A Trustee is an individual who is appointed to take care of certain assets on behalf of those due to inherit.
May 20, 2024 · A trustee is a person appointed to look after money and other assets put into trust to benefit certain people known as beneficiaries. If the trust has specific rules, a trustee must follow them. A trustee always has an overriding duty to use the trust money in the beneficiaries’ best interests.
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