Basic Will info

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    Will Writing Info
    Will Writing Info

    I’m often asked what the various jobs, roles, titles and duties are that appear in wills that I write, it’s also helpful, if you’re planning on calling me for a telephone will, to have a think about these people before you call me.

    Executors – This is very often people that you trust to look after your financial affairs, it’s their job to make sure that everything you’ve written in your will is done as you requested. You can appoint a minimum of one and a maximum of 4 people in this role, or you can appoint a professional (very often done if there’s any level of complexity in your will) or you can opt for a combination of a trusted friend or family member acting together with a professional.  Your Executors become personally liable for your affairs, tax etc. so you need to think carefully about who you appoint in these roles. If you want to use a professional, I always recommend Kings Court Trust, I’ve used them for years and they work on a fixed fee basis, not on an hourly rate.

    Trustees – Often, but not always, the same people as you use as Executors for the same reasons, if they have to manage a Trust for any length of time then you need to trust them to make the right decisions on what to do with assets, where to invest etc. They also become personally liable for their decisions and if your beneficiaries think that they have made poor decisions then they can be sued for any loss, again, this is a good reason to appoint professionals, if you need to do this, I have a relationship with a company that will do this on a national basis, please call me for further info.

    Guardians – These are the people who you trust to look after any children that you have under the age of 18 years old. If you have no children that fall into that category, obviously, you don’t need to nominate anyone for this role. Most people who need guardians in their wills chose a trusted family member and a substitute just in case. Usually it’s better not to have the same people as Guardians as you’ve nominated as Executors/Trustees but, if you trust them with both the child’s welfare and the child’s inheritance (via a trust) then you can nominate the same people in both roles.

    Beneficiaries – These are the people who you want to benefit from gifts in your will or from your residuary estate. In most family circumstances, this is firstly your spouse then your children. It’s often good practice to build in a disaster clause in case you, your spouse and your children all die in an accident, hence the name disaster clause. In a disaster clause many families name their parents, or their brothers and/or sisters.

    If you are preparing to call me with your details for a Telephone will then you can download a form to help you remember everything that you need to tell me. Basic Will & LPA info online form.

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    Matt Walkden Will Writer

    About Matt Walkden

    I am a Professional Will Writer and I offer a small number of other products that complement my Will Writing such as Lasting Power of Attorneys (LPA’s), Fixed Price Estate Administration, often called Probate and some Property Products such as changing a family home from Joint owners to Tenants in Common.

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