Understanding the role of Executors and Trustees

What is an Executor?

This is an individual named in the Deceased’s Will to administer their estate. Essentially, this consists of collecting the assets, settling any liabilities, and distributing the remainder of the estate to the beneficiaries. Once these responsibilities are fulfilled the Executor’s duties are discharged.

What is a Trustee?

In contrast to the above, a Trustee conducts longer-term obligations. When a Will creates a trust, the Trustee is the individual responsible for managing the named assets on behalf of the beneficiaries. This can consist of making investment decisions or distributing income or capital in accordance with the terms of the Will.

Legal duties and personal liability

Both roles are subject to legal duties, both roles must act with reasonable care and skill, ensure they maintain complete records and remain impartial. It is essential to note that both roles can be held personally liable for failure to carry out their duties adequately and it is important to note that beneficiaries have a right to challenge the actions of both Executors and Trustees if they believe the estate has been mismanaged or the Executors and Trustees have not fulfilled their duties.

“It is crucial when preparing your Will to trust whom you appoint to carry out your final wishes. Understanding the differing responsibilities of each role is crucial to ensure you appoint an individual whom you think will be able to fulfil the differing responsibilities each role entails. If you would like more information, please call us on 01708 784000 or send an email to mollyjohnson@mplaw.co.uk“

Molly Johnson

Trainee Solicitor