Why Choosing the Right Executors and Trustees Is Crucial for Your Will or Trust

Choosing the right Executors and Trustees is one of the most important decisions when creating a Will or setting up a Trust. A recent case reported in the Daily Mail has highlighted the consequences of appointing unsuitable individuals to these roles.

In this particular case, a grandmother left £50,000 for her granddaughters to receive at the age of 25 or when they were wanting to purchase a property. When one of the granddaughters wanted to purchase a property, it was discovered that within a year of the £50,000 being set aside for them, their own mother and grandfather had accessed and spent the money.

Legal Challenges Are Rare, But the Risks Are Real

What made this situation unusual was that it was taken to trial. In many instances, beneficiaries—especially younger family members—may feel unable to challenge the actions of parents or other relatives. Additionally, when the financial loss is perceived as relatively minor, taking legal action (or the police taking legal action) seems not worth it.

It is extremely important that when making a Will or creating any Trust you choose the correct Executors and Trustees, because appointing the wrong Executor or Trustee can lead to serious financial and emotional harm for your beneficiaries.

Don’t Choose Executors and Trustees Based on Family Ties Alone

A common mistake is assuming that family members are automatically the best choice to handle your estate. Too frequently, people assume that they can trust their family, because they are family. Sadly, we do see cases of family members who abuse their position of trust.

It is therefore important if you are making a Will or creating a Trust of any kind that you that you carefully and realistically consider those who you are appointing to be your Executors and Trustees. They need to be honest, reliable, and decent so that they will in fact carry out all the duties honourably.

Character Matters More Than Capability

It is always more important to appoint someone who is honest and decent than intelligent and capable. A trustworthy person can always hire professionals to assist them if they feel somewhat out of their depth with dealing with the work. Whereas somebody who was clever and capable, but not necessarily honest can clearly be extremely problematic.

At Hegarty, we have established a Trust Corporation. This allows clients to appoint experienced professionals to deal with the financial affairs of a Trust for individuals. By appointing professionals with family as joint Trustees or as sole Trustees you may rest assured that your wishes are carried out in accordance with the Trust that you have left behind will be carried out.

Independent Trustees Help Prevent Family Disputes

Family feuds and personal animosities can create significant obstacles in administering an estate or Trust. In such cases, appointing a neutral, professional Executor or Trustee can help avoid conflicts, delays, and potential litigation for your family.

Talk to Hegarty Solicitors About Executor and Trustee Services

If you are planning your estate or creating a Trust, make sure you receive proper legal guidance. Our experienced team at Hegarty can help you appoint the right people—or professional entities—to manage your estate.

To learn more about our Trust Corporation and the Executor and Trustee services we offer, please contact our Trusts and Probate team today.