The Roles of Executors, Administrators, Trustees and Guardians
These roles are quite often fulfilled by the same person, even though they are quite different.
The Executor
This is the key person who carries out the wishes contained in the will. It is an important but often thankless job. Often it is a family member, coping with their own grief on the loss of a loved one.
The Executor of the will attends to the legal formalities in dealing with the estate of the deceased. A methodical person, who can get things done, and cope with some pressure, is the ideal choice.
These are the kinds of duties an Executor has:
- Arranging the funeral, possibly
- Gathering in the assets of the estate
- Completing all necessary application forms to take out the grant of representation
- Paying the debts and liabilities of the estate
- Ensuring the various legacies are paid in accordance with the terms of the will
- Ensuring all taxes are paid
- Keeping a full set of accounts
- If required, providing a detailed statement of account to each beneficiary when the estate has been administered
The Administrator
This role is essentially the same as the Executor. The Administrator deals with the estate when the deceased has made no will.
This can be more onerous, and traumatic, especially if there is resentment amongst family members when there is no will.
This can be avoided by making a will in the first place. However, the team at Malcomson Law has a wealth of experience in helping administrators finalise the affairs of the deceased who has died intestate, or without a will.
The Trustees
As its name suggests, this is a position of trust. A trustee (or trustees) is normally appointed when there are children or incapacitated persons left behind. Trustees steps into the shoes of the deceased, and often have a wide range of powers to look after the interests of people, including financial powers. Responsible and trustworthy people are required for this important role.
The Guardian
Unlike the Executors and Trustees, Guardians fulfil quite a different role: they are more concerned with the moral and emotional wellbeing of a child. The Guardian decides issues around education, for example.
Seeking Private Client Advice
For further information, please contact Malcomson Law by calling 01 8744422 or complete an Online Enquiry Form. Your enquiry will be forwarded to a solicitor who specialises in the area of Private Client.