| EXECUTORS,
TRUSTEES AND GUARDIANS |
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Q: Can my beneficiaries be
my Executors? |
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A:
Yes they if you want them to. Today it is often
common that those who will get the estate have a
role to play in the organising of the estate
before it is given. |
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Q: What's the difference
between an Executors and a Trustee? |
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A:
In most estates today, it is common to
appoint the Executors as Trustees. The
main difference that the Trustee is the
person responsible for making the decisions
that maintain the estate whilst it is
held on trust before it is given to the
beneficiaries, and the executor is the
person that carries out (or executes)
the actions and wishes of the trustees
during this time. |
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Q: Do I have to appoint a
Solicitor or Bank as my Trustees? |
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A:
You can appoint anyone you like. It is likely
however, that when your estate is going through
probate, that you will some part require some
professional assistance. Our advice is to choose
people you absolutely trust and ensure that the
will includes a statement that empowers
them to employ any professionals that have
already been nominated. |
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Q: Does it matter if my
Executors live abroad? |
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A:
No, although it is always prudent to have some
executors in the country in which you are
residing. |
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Q: How many Executors can
I choose? |
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A: You
can choose as many Executors as you like, but the law
only allows a maximum of four to act at the same
time. |
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Q: What does an Executor
have to do? |
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A: It
is very common for the guardians to be
Executors. It normally follows that if
you trust someone to take care of your
children, then they should have some form
of access to the assets of the estate
to provide for your children. It should
also be mentioned that there are
some instances where the Guardian (e.g.
a divorced parent) should not be allowed
direct access to the assets, but go through
an alternative Executor. |
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| GIFTS
AND LEGACIES |
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Q: Do I have to list everything that I own
in my estate? |
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A:
No, Wills are not shopping lists. If you
want specific objects, collections or
even amounts of money to go to particular
people, then yes you should list these.
However, what you do not identify in your
estate (everything else not listed- whatever
it is) is dealt with through distribution
of the residue. |
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Q: Do Gifts and Legacies have to be under
a certain value? |
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A:
Not at all. A gift can be any value you
like (e.g.£10,000 or your House etc.) |
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| Q:
Can I gift to charities? |
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A: Yes, but
we need to know full name , address and
the Registered number of the charity.
All gifts to charities are tax free they can be used to reduce any Inheritance
Tax Liability. |
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Q: Can I set age limits when gifts can be
received? |
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A:
Yes, this is what Trustees are for- to see that
the gifts you leave are preserved as best as
possible until they should be given at the time
you have specified. |
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here for more questions and answers... |
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