Choosing Executors when no family - not a bank, that's for sure!

olly300

ramagel wrote: »

Well we've a year or two yet! But the problem is not having any family members who are (or will be) capable to act as executor and/or trustee. It may end up being the case that we sacrifice our desire for control (of how the monies are spent) to save ridiculous sums on transatlantic-competent professionals!

Choose friends preferably younger than you, and make it clear to them that they are to seek professional advice if they need to. You can always change the executors/trustees if a trusted and sensible family member reaches a reasonable age.

ramagel

olly300 wrote: »

Choose friends... .

Don't have any. Really. Wouldn't trust 'em if I did. Probably why I don't have any!

olly300 wrote: »

if a trusted and sensible family member reaches a reasonable age]

But they aren't going to be inheriting anything, my siblings can take care of their own: we have nothing against them (quite the contrary) they just don't need our largesse, but we don't want envy to get in the way in 20 years' time ... families, eh?

Ack: problems of our own circumstances - means we might just have to swallow the cost of professionals. Ick. Which is, of course why I started this thread - who? Lawyers? Banks? (Don't think so!), Anyone else .... who?

Ta for all the suggestions so far ...and those yet to come ...

LittleVoice

I haven't read every word of every post, but if you don't want a solicitor or bank to benefit too greatly from being an executor of your will, are you willing to give a substantial amount to a well-established charity? If so, could you contact them and ask whether they would be willing to take on the task in return for the bequest?

ramagel

LittleVoice wrote: »

are you willing to give a substantial amount to a well-established charity? If so, could you contact them and ask whether they would be willing to take on the task in return for the bequest?

What a great idea!

But (there always is, isn't there!) the 'well established' charities always seem to be the wealthy ones anyway. The smaller ones who could do with the money couldn't do the work!

But (and this time it's a good but) thanks for the reminder to remember our favourite charity (http://www.leicesteranimalaid.org.uk/) in our will. We now have to find a parrot charity as well (not only as a bequest but to look after the birds that might well outlive us - so thanks for that reminder too!)

economiser

LittleVoice wrote: »

Are you willing to give a substantial amount to a well-established charity? If so, could you contact them and ask whether they would be willing to take on the task in return for the bequest?

I am in the process of making a and will be leaving all my estate to charity as I have no needy or deserving relatives. The charity will I assume still employ a solicitor to act for them who will make a charge no doubt. Still leaves the problem of an executor. If I name an individual at the charity I presume I would need to change the will if they were to leave the charity's employ unless it is possible to nominate someone by their title? i.e. the treasurer or secretary or similar? Does anyone know if this is possible?

LittleVoice

economiser wrote: »

. . . (a) The charity will I assume still employ a solicitor to act for them who will make a charge no doubt. (b) Still leaves the problem of an executor. If I name an individual at the charity I presume I would need to change the will if they were to leave the charity's employ unless it is possible to nominate someone by their title? i.e. the treasurer or secretary or similar? Does anyone know if this is possible?

(a) solicitors may do the work at a reduced rate for a charity; it doesn't have to be a solicitor, just someone who is competent; it could be someone who is already an employee of the charity or a volunteer with suitable skills

(b) the executor could be one of those people in (a) but I was thinking of naming the charity (as a body corporate) as the executor. In any case, you would need to contact the actual charity you had in mind, as no one (charity or individual) wants to discover after a death that they have been appointed an executor without their knowledge. You could then check on the use of a title .