Page 4 - Soteria Planning Guide - Writing a Will FINAL

Important things to consider
Executors
Executors are responsible for administering your estate in accordance with your Will after you die. Their main responsibilities include identifying assets of the estate, calculating and paying any inheritance tax due and applying to the court for a formal document to distribute the estate to the beneficiaries called a grant of probate.
Trustees
The trustees are responsible for administering any trusts that arise in your Will
and holding funds for any children who are under the age of 18. Their main responsibilities include registering the trust assets in their name and administering the trust in accordance with the terms of the trust and any accompanying letter
of wishes.
Guardians
The guardians will be responsible for the day-to-day care of your children if you are the sole surviving parent at the date of your death and the child is under the age of 18. They will be responsible for making decisions with regards to your children’s upbringing, such as where they will live and go to school etc.
Beneficiaries
The beneficiaries in your Will are the people who will inherit your estate in the event of your death. You can give the estate as a whole to
one or more people or you can divide it into
shares and percentages to multiple people.
Other considerations
Reasons to make a Will
To make sure your assets pass on to your loved ones as you wish and not as the law decides
To nominate guardians to look after your children
To avoid paying more inheritance tax than is necessary
To avoid disputes and speed up the process
To include additional safeguards to protect your wealth for future generations