Trustee duties

[Witchywoman]

I am one of two siblings named as executors and trustees in our parent's will but there is no specific Trust mentioned. Probate has been granted and the property has already been sold, but we are having problems finalising the estate accounts due to disagreement about our responsibilities and duties and generally what we are permitted to do in relation to our probate expenses and the valuation and distribution of personal chattels. Am I right in thinking that being called trustees in the will means that we have to comply with the Trustee Acts as well as the Administration of Estates Act 1925 in this respect?

[lawboy65]

One reason why a Trustee (or Trustees) might be appointed is if a Beneficiary is under the age of 18. In this case the Trustee will be responsible for taking care of the Beneficiary's inheritance until they come of age.
Alternatively, Trustees may be appointed to manage a Trust that has been set up as part of a Will and holds some (or all) of the Estate. The Trust would need to be managed in line with the terms that have been set out in the Will.
A Trust is a legal structure which can be included as part of a Will and can offer increased asset protection for *loved ones. These types of Wills are called Trust Wills.* It is *common for the same person (or people) to be appointed as both Trustee and Executor.
A will may be worded in such a way to possibly *protect your estate against possible care fees in the future or the testator may have a spouse or partner but children from a previous relationship or they *wish to leave some of their estate to a vulnerable or disabled person.
If probate has been granted and none of the above apply, it was probably the way the solicitor drew up the will so there should not be any problems in executing the will in the normal way.
*

[Witchywoman]

One reason why a Trustee (or Trustees) might be appointed is if a Beneficiary is under the age of 18. In this case the Trustee will be responsible for taking care of the Beneficiary's inheritance until they come of age.
Alternatively, Trustees may be appointed to manage a Trust that has been set up as part of a Will and holds some (or all) of the Estate. The Trust would need to be managed in line with the terms that have been set out in the Will.
A Trust is a legal structure which can be included as part of a Will and can offer increased asset protection for loved ones. These types of Wills are called Trust Wills. It is common for the same person (or people) to be appointed as both Trustee and Executor.
A will may be worded in such a way to possibly protect your estate against possible care fees in the future or the testator may have a spouse or partner but children from a previous relationship or they wish to leave some of their estate to a vulnerable or disabled person.
If probate has been granted and none of the above apply, it was probably the way the solicitor drew up the will so there should not be any problems in executing the will in the normal way.

Thanks for the reply - none of the situations you mentioned apply but I am not sure what you mean when you say there should not be any problems in executing the will in the normal way.

If I can get my co-executor to agree that we should comply with the law that applies to our roles, we have a much better chance of agreeing otherwise it is going to be a bun-fight, so it would help if you can tell me if it is appropriate that we should comply with the Trustee Acts as well as the Administration of Estates Act 1925 when it comes to our responsibilities and duties and what we are permitted to do in relation to our probate expenses and the valuation and distribution of personal chattels?

[lawboy65]

A grant of probate is a document that states that you are legally allowed to settle the estate of someone who has died. Once you’ve received it you’ll be able to access and close their bank accounts, give funds, property and chattels to whoever is set to inherit and pay off any outstanding, expenses ,tax and debts.* If you do this, you will be complying with your legal obligations.
*