Help needed regarding Joint Executors

newatc

A few years back we had mirror wills drawn up by a solicitor which on first death leaves everything to surviving spouse (who would be the executor) and on the second death to our three children. Two of our children live abroad so I was concerned about the executors at that stage. I took the solicitor's advice to appoint all 3 children as executors and though the children seem to get on well, I've become concerned that it will make the probate system (it should be necessary) more cumbersome particularly in getting papers signed, this would be particularly so if the financial institutions required the signatures of the 3 executors before releasing funds (I don't know how likely this is if at all).

I know that they will have option of reserving or renouncing their executor position to leave just one in position or indeed contracting it out to a professional. So I plan to speak to the children about the options and if necessary amend the will.

I'm hoping that there maybe some among the forum members will have knowledge/experience which will help me understand the difficulties better and which I can impart to the children.

RAS

Provided your children get on reasonably well, the current situation is OK as long as the UK sibling is prepared to do the leg work, or take responsibility for the solicitor.

Generally solicitors require the family to provide the information about assets anyway, so the most important thing you can do is to keep really good records of your assets and share that with your children once a year, or when there are major changes. 

The overseas siblings can reserve their powers. The financial institutions generally require only the signature of the person to whom probate was granted, the UK sibling.  But if anything happens to the UK sibling, the overseas ones can pick up the case quickly.

If they renounce then your incomplete estate would then be handled by your UK child's executor. Who you may not even know?

Newly_retired

I am one of three executors, all in the UK but miles apart. I have taken the lead, but practically everything has been done online, with just my authorisation, uploading documents, even scanning signed documents. One only one occasion, a document had to be circulated by post, as all three needed to sign on the same page. 

newatc

That all sounds better than I was thinking 

Savvy_Sue

I think you'll find it is better than you're expecting, plus changing it might cause unanticipated problems. Our wills are mirror, all to spouse then equally between our three. Our LPAs appoint them jointly and severally, so assuming ONE of them is in the UK that one is likely to take the lead. But whether any of them will still be based here is open to question. 

Because when we wrote them, pre-pandemic, DS1 was itinerant, pretty much No Fixed Abode - all his post used to come to us. Spring in the USA, on to Canada, various visits to Europe in the summer, autumn in the UK, and winter in the antipodes. He's now bought a flat in the UK, and I don't think he's left the country since. 

DS2 has always been UK based, but still periodically talks about looking for work in the USA or somewhere in Europe.

DS3 did a PhD, but most of his writing up was done in Europe, where his girlfriend (now wife) was working. They might stay there, or they might come back to the UK, or they might go almost anywhere! 

I should probably change our ICE (In Case of Emergency) options on our phone - DH and I have each other as ICE1, obviously. ICE2 is a sibling for each of us, because the boys were still quite young. ICE3 is the middle boy, because he hasn't actually left the country for work. ICE4 is the youngest and he was still in the UK when we last did this. And the previous itinerant comes last ... 

kipsterno1

It's great that you are thinking ahead, so many don't. I agree with RAS, if they all get on then let them reserve powers if the UK based sibling is happy to work through probate alone. Your first conversation might be with the UK child to see if they would be comfortable and confident undertake the process. As well as your will it's helpful to have a file with details of accounts, pensions and all the other people or companies that need informing.

shiraz99

When I went through the probate process with my two siblings they simply had their powers reserved which left me to complete probate. It was very straightforward.

pollypenny

We had this concern, especially as we also had a trust.  We have replaced son with niece as second executor.  Obviously he still inherits.