I'm executor but I'm unclear on the meaning of the will

System

This discussion was created from comments split from: Are wills legally binding, if not then why bother creating one?.

VBP64

I am the sole executor, the will I devise & bequeath all the residue of real & personal estate whatsoever & whatsoever unto my trustee, and directs me to sell call in & convert into money all such parts of my estate AS SHALL NOT CONSIST OF MONEY. what does that not consist of money actually mean?   Then goes on to say the trustee shall stand possessed of the residue.  There are also 3 names for 1/3 each.   Underneath it goes on to say my trustee cab invest hold off the sale etc, in any which way in her absolute discretion think fit in all respects as if she she were a sole beneficial owner in all matters of diversification with the absolute and uncontrolled discretion of my trustee without being liable to account??   Thank you in advance 

Brie

Well I'm thinking that the initial part means you should sell all the property, paintings, luxury yachts etc as they are not money.  I don't get the "stand possessed of residue".  3 beneficiaries so split equally 3 ways.  But that you can hold off selling the assets if you think that the market is going up.  So if the housing market was heading down, hold on to the house until things look better.  

Others will be along with better ideas no doubt.

tacpot12

"as shall not consist of money"

Money here is cash; think physical cash or cash balances in a current account, savings account, or cash account that is part of a investment account (e.g. Stocks & Shares ISA will have a cash account).

So "as shall not consist of money" means everything else; shares, bonds, property, chattels, vehicles, etc.

Note that the Will is talking about "all the residue". Anything that has been bequested to someone is excluded from the residue; the residue is everything that is left after the bequests. 

 "without being liable to account" means without have to give a reason for your decisions.  

So this part of the Will is basically saying you should sell everything that isn't money, and split all proceeds of the sales PLUS any cash that wasn't left in bequest to anyone in particular between the three beneficiaries, BUT it allows you to invest the money or not sell items if you think that this will result in the beneficiaries receiving more money in the future, and you don't have to give any reasons for what you have done. 

More widely, it seems likely that the Will is creating a trust for these three beneficiaries who might be under the age of majority when the testator dies, and as a trustee you are being given the power to not sell and/or invest anything in the residuary for the benefit of these trustees. You are also being given permission to sell everything in order to give the beneficiaries the money when the trust is wound up, which may be when the beneficiaries reach 18.

Browntoa

I'm reading it as "sell all assets"  that are not already held as cash in Bank accounts, ISA, bonds etc  .

Looks like you are allowed to make ALL financial decisions about selling assets as if you will the sole beneficiary without being held to account 

RAS

Browntoa said:

I'm reading it as "sell all assets"  that are not already held as cash in Bank accounts, ISA, bonds etc  .

Looks like you are allowed to make ALL financial decisions about selling assets as if you will the sole beneficiary without being held to account 

There are three names with a third each. Third of what is unclear.

OP, you seem to have quoted some parts of the will verbatim and to have tried to explain other parts as you understand them. So there is no way for anyone here to be clear what the deceased intended.

I'm surprised that there is nothing mentioning the intended executor? Are you clear that the reference to trustee probably refers to the fact that executors hold the deceased's assets in trust until they are distributed? It doesn't necessarily mean that a Trust has been created, unless there is further reference to a Trust with defined beneficiaries?