If I prepare a new Will, do I need to advise the people who prepared and hold my previous Will?
Whilst your last dated Will will be the Will in terms of which your estate is administered and distributed, it is advisable to notify the holder of your previous Will that you have prepared a new Will. This will avoid any confusion about where your last Will is held at what will be an emotional time for your family.
It is important to update your Will whenever there are major changes in your circumstances. These might include:
Regardless of major changes in your life, we recommend you review you Will every three years. As a client of Guardian Trust, we will automatically include you in our Wills review programme which involves prompting you at regular intervals to review your Will and make any alterations to meet your wishes and any changes in your circumstances.
Can I appoint anyone as my Executor and trustee?
You can appoint anyone to be your Executor and trustee as long as they meet the following requirements:
When choosing your Executor and trustee, you should bear in mind that friends and family may not be able to act impartially towards your beneficiaries and they may not have the necessary expertise to administer an estate. A professional Executor such as Guardian Trust offers permanence - we won’t die, give up or go away. Guardian Trust is a statutory trustee company and this means peace of mind for you, the client, knowing we must perform to the highest standards expected of a professional adviser.
What should I look for when choosing an Executor for my Will? Why is it so important?
Choosing the right Executor is important because they will take full responsibility for protecting your assets and making sure they are properly managed, verifying and paying your liabilities, dealing with your family and beneficiaries sympathetically and impartially, overcoming legal difficulties and carrying our your wishes in terms of your Will.
So it is important your Executor meets these requirements:
Ability – Estate administration covers a range of specialist skills and the complexities are generally beyond the scope of the average person.
Experience – Experience is more than knowing what needs to be done and when to do it. It's knowing the pitfalls, recognising potential problems and taking necessary steps to ensure the estate is administered efficiently without unnecessary cost and delay.
Availability – An Executor must be available to take up the Executorship and be able to dedicate the time required to administer the estate diligently.
Impartiality – An Executor must not take sides or be influenced to favour one beneficiary over another. This can become difficult if a dispute arises between the beneficiaries, especially if the Executor is a relative or friend.
If I specify my funeral arrangements in my Will, will my Executor be responsible for making sure they are carried out?
The sooner your Executor is advised of your death, the sooner he/she will be able to access your Will and advise your next-of-kin of your funeral requirements as specified in your Will.
If you make specific requests in your Will regarding you funeral arrangements, it is advisable to also let those people who are likely to take responsibility for arranging you funeral, know of your wishes.
