Hello,
I'd like some advice.
A(male) friend has asked me to be an executor of his will, although it now seems I'm a trustee (no discussion of this, the lawyer asked for my address and mentioned it in passing).
No one has explained the role to me so I'm not sure what it means. The other executor (or is it trustee) doesn't seem to appear on the paperwork and instead it is currently me (age 52, the same age as the will maker) and his mother (age 78...).
The estate,in the event of my friend's death, will all go to the daughter, who is 13, estranged, and currently living with her mother. The father (my friend) has a terrible relationship with his ex wife, and they do not talk. He is worried the ex wife will try and get his hands on the money even when the daughter is older than 18 and my brief is to not allow it. There are likely to be assets (property) worth around 3-4 million so there is cash at stake.
So: I am slightly worried about this situation. What would be my role if trustee or executor. How much time could this all take take? What skills will I need? I am trustworthy but rubbish at - and despise - all paperwork. I do not want to be dragged into a war with the mother either. Do I need to make sure that there is a line allowing me to outsource paperwork etc to an accountant/solicitor and have it paid for out of the estate. I am single parent with three younger children so I don't have a great deal of time. What do I need to ask?
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asked to be executor/trustee but confused
7 replies
slowandfrumpy · 13/09/2016 19:51
OP posts:
Sootica ·
14/09/2016 16:34
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