I brought up the subject of appointing a guardian a month or 2 back.
I need to change the executors and the nominated guardian in the will that I drew up last year but the solicitor has raised an issue.
I named one new executor but I need to name 2, not too much of a problem as I can name a solicitor or I was thinking of my accountant.
I was going to have the will say that the executor should appoint a guardian but apparantly I have to name a guardian.
Even if my ex wife survives me I have concerns for the kids welfare (and their finances) if their mother takes them on. I am not sure she would do that anyway, if she did it would only be to get hold of the kids inheritance.
I am really stumped to think of somebody that I trust enough for the task or who would be willing to take it on.
What have other people done in the same circumstances?
Not sure on the who you would appoint as a guardian, I have family that I can name as I also have concerns as to my ex-husband's motives and do not actually want him to get residency if I die.
Have been told about a guardian that even if my ex did get residency that he would not get their inheritance and the guardians would have equal say in major decisions in the children's lives such as education etc.
Will find the solicitor's letter that mentions what the guardian is called, think it is a fairly new concept.
It is a bit annoying, the solicitor can't change the will until I name the guardian but I really need to go ahead and change the executor now. I could leave the guardian as it is and change it later but that means double the expense.
I will have a word with my accountant and see if it is anything that they do as a service, the financial side I mean, not actually bring up the kids.
Just be aware Kevin; that appointing a professional executor (Accountant, bank manager, Solicitor etc) these people have the right to charge the Trust (Estate) their fees. Sometimes with younger kids, by the time they come into their inheritence; it's been dwindled away by the Executors fees administrating!
Unless you're Elvis; (and BIG league money)or there's huge complicated Trust Funds; it's best left to a family friend or relative. If you were to die, then if they didn't want the task of overseeing the financial welfare; they could put it into an account for the kids and just leave it, or have a lump sum paid each month for their welfare.
Leaving instructions in your Will for a professional to handle matters; will be charged with an annual fee. And that costs!
I have nominated my mother and my brother. I think family members are definitely the best bet as they love the children and so will be there to take decisions in their interest and oversee their welfare.