Will Roles

Testators, Executors, Beneficiaries and Trustees

A Will is made of up of three different sets of people, all who have an important role in making sure your wishes are met.

Testator

The first is the ‘testator’. This is you, whose will we are creating and whose wishes we are representing.

Executors

The second are the ‘executors’. These are the people you entrust to carry out your wishes and to make decisions regarding your estate when you are gone.

We recommend considering a couple of points when appointing your executors;

Your executors should be roughly the same age as you or younger to ensure that you limit the possibilities of your executors passing away before you. For this we recommend siblings, partners, children and friends. Using parents is a risky move as they are more likely to pre-decease you.

Consider reserve choices, no one can guarantee their executors will not pre-decease them, so by naming reserves you make your Will more comprehensive and will ensure there is someone available to allocate your estate.

Talking to your executors beforehand, letting them know they have been chosen and also informing them of your intentions. This way they are prepared to act when the time comes If you are unsure of your executors duties please read our guide.

Beneficiaries

The third group of people within your Will are your ‘beneficiaries’. These are the people who you are gifting your estate. By making a Will you have full control to whom you are leaving your assets to.

For beneficiaries under the age of 18 you have the power to dictate when you would like them to inherit from you. For the duration of them being underage your executors will protect and invest their inheritance on the beneficiary’s behalf.

There are different types of gifts you can leave to your beneficiaries. There are specific gifts which include a particular item or group owned by the testator and distinguished in the Will. These are most commonly wedding rings, cars or collections.

A general gift is a gift left whether or not the testator owns it, the gift is left and the money from the estate is used to buy the gift stated.

The final type is a residuary gift; this is the gift of all the testators remaining property. If no other gifts are mentioned then the whole estate becomes a residuary gift.

Trustees

Trustees are very similar to executors but they are charged with looking after a particular amount or property placed within a trust to protect the asset and its beneficiaries. They are given powers to make decisions to make sure the beneficiaries best interests are taken care of, and are not allowed to use the property they are entrusted with for their own gain. It is common practice for executors to be trustees, as this means the estate is dealt with swiftly.