Hi,
I am drafting a simple will until I can arrange to sit with a solicitor. Although we hold almost everything under joint ownership and for the few sole accounts have each other as named beneficiaries, just in case I have left everything to my wife in writing and in the worst case scenario that we are both gone, I have left the whole of the estate to be divided equally between our 2 children. I have named a family friend as executor and a brother-in-law as alternate executor in case the first is unable. I have named my sister ( with her consent ) as guardian and trustee of the estate for my minor children. Our plan is the have mirror will with the same conditions but with me as the beneficiary for her.
Trying to make sure I have the right idea...the executors will deal with the estate and probate process after the death and the trustee will be in charge of the estate until minor children are adults? Does the trustee have the responsibility until the kids are 18 or until an age I request?
Is there anything else I should consider with children and wills?
Kind regards
I am drafting a simple will until I can arrange to sit with a solicitor. Although we hold almost everything under joint ownership and for the few sole accounts have each other as named beneficiaries, just in case I have left everything to my wife in writing and in the worst case scenario that we are both gone, I have left the whole of the estate to be divided equally between our 2 children. I have named a family friend as executor and a brother-in-law as alternate executor in case the first is unable. I have named my sister ( with her consent ) as guardian and trustee of the estate for my minor children. Our plan is the have mirror will with the same conditions but with me as the beneficiary for her.
Trying to make sure I have the right idea...the executors will deal with the estate and probate process after the death and the trustee will be in charge of the estate until minor children are adults? Does the trustee have the responsibility until the kids are 18 or until an age I request?
Is there anything else I should consider with children and wills?
Kind regards