If I'm trusting the guardians with my children they can do what they feel is in the best interests of my children. I'd rather they had to power to for example buy a bigger house for themselves if they are taking in my children etc. I'm more interested that my children are well taken care of even if it means the guardians (sibling) aren't so great with money.
In my case, I have separated the roles of executor, trustees and guardians. The executors are friends I trust to handle the estate and set up the trust for the children. Once that is done, that ask has been completed. Their role only kicks in if my wife is unable to perform the duties.
Given the potential size of the estate (like most people I am worth a lot more dead than alive), we were advised it was a good idea to split the trustees role from the guardian one to avoid potential issues in the future. All roles are provided by siblings, and the trustees have been informed to assist the guardians financially in any way possible, for the best interests of the children.
My view of the family home is that children can't stay in it and they have to live somewhere. So better to sell it.
This really depends on the size of the remaining estate, and at what age both myself and my wife may pass away at. If for example the girls were 15 and 17 when I pass away, there should be no reason to have to sell the house, as its likely they will have a strong emotional attachment to it. Its also very close to a number of universities, so no reason they should not wish to use if it they go to college in Dublin. If we were to pass away now (when the girls are 7 & 5), its potentially a different matter. That said, the level of life assurance both of us carry between us should mean there is absolutely no reason to have to sell the family home for financial reasons alone.
I wouldn't be looking for 3 quotes for 1K costs. I'd make that 5K. You get hardly anything for 1K ! And you're making the exector job more difficult (speaking as an executor !)
Fair enough, and its something I am likely to consider over time. The wishes can always be ignored anyway by the executors
Its more to not accept a 50k probate bill from some solicitor, without a few other quotes to compare against !!
I hope your executors are computer literate and that you don't forget to change the password on the instructions when you change it in real life
Of course !! The executors have been selected carefully
But the list of assets and bank accounts etc is a good idea.
Glad I am doing something right