Making A Will, trusts & Trustees
Making A Will, Trusts & Trustees
In the UK, you will frequently come across the topic of Trust in Wills. While this concept is widely used across England & Wales, there are many people who are unaware of what it really is and the way it works.
In case a Trust is made, it implies that one or more people will look after different assets such as property so as to benefit one or another person. People who take care of the property of the Trust for the benefits of others are referred to as Trustees .
In cases where children are to be provided for as per the Will or there are vulnerable loved ones to be taken care of, Trusts in Wills are most frequently used.
The term Beneficiaries is used to refer to people who are to be benefited from the property in the Trust.
What Do Trustees Do in a Will?
In case a Will leads to the creation of a trust, once the terms of the Will are carried out by the Executors, As long as the Trust lasts, the Trustee will perform management of the Trust property.
Typically, Trustees will be able to manage the Trust property with the same control as the owner of a property, but the Trustee will only act as per the terms which are mentioned in the will.
As it is the legal duty of the Trustee to act towards the interest of the beneficiary, the Trustee should always keep in mind the benefits of the beneficiary every time a decision is taken. It is not an easy task to be a Trustee and it carries its own complications.
Often a Trustee needs legal assistance from an attorney or solicitor so that the role of a Trustee is being properly performed.
Any chosen Trustee must have good administration skills.
Who Is A Good Trustee ?
A Trustee must also be trustworthy and financially responsible. This is why it is extremely important to do good research about any person being considered for this role.
Any appointment of a Trustee must be done after carefully assessing the different traits of the considered person. It must be kept in mind that there should be no reluctance on part of the Trustee as you need a willing one to properly execute the conditions of the Will.
You must contact a reliable Will writing service provider before you decide to write your Will.