Their role in relation to the Testator and Beneficiaries
As the maker of the will, you would be known as the “testator” and the people who would inherit or benefit under your will are called “beneficiaries”.
You must also appoint one or more “executor(s)” who would perform two important roles:
- He or she would administer and distribute your estate upon your death,
- He or she would usually also be the “trustee” of your estate. A trustee has the power to hold your estate upon your death and will hold any assets, invest or use any money for the benefit of your beneficiaries who are minors (under the age of 21 years old).
How many Executors
The choice is yours, but you are advised to appoint more than one executor so that they can keep each other in check or just in case one of your executors is unable to act for you when the time comes (e.g. he or she passed on as well and so on).
Who to appoint?
You may appoint anyone to be an executor, but you are advised against appointing one of your beneficiaries so as to prevent instances where conflicts of interests arise. This is unless your beneficiary is the sole beneficiary to your estate. It is ideal to appoint a law firm as your executor as they will be impartial in dealing with your estate.
Employing professional executors such as law firms will come at fee. While non-professional executors need not be paid for the work, they will usually also claim their expenses. As there is a lot of work involved in administering and distributing assets, you should make sure that the people you intend to make executors are willing to take on such a responsibility. Most people leave their executors something small in their will as a token of gratitude.