Being named as guardian in a will - advice please

[dippica]

Not sure whether this is the right topic or not.
Our best friends have asked whether we would be named in their will, so if they both die, we would then be their two daughters' guardians.
Obviously there is loads to think about - legally and generally. Anyone have any experience or any suggestions for sources of advice?
What do we need to consider - we don't want to say yes of course, without thinking it through, and being sure that they have thought it through too. For instance I don't think they've even talked it through with their own families yet.
We don't want to even think about it ever happening, but if it does we want to know what it means for us.

Any suggestions?

It means that you will be legally responsible for the upbringing of their children should anything happen to both of them. They may leave some money to help financially or they may not, but please ensure that they have sopken to their families about this as if they don't it could all go horribly wrong.

They are probably wanting to know whether you'd be happy to do it before they raise the subject with their own families; no sense rocking the boat and upsetting people first if it turns out you'd prefer not to do it.

Make sure they are getting the will properly done by a solicitor. There's a form of words that would allow their daughters' inheritance to be temporarily invested in a bigger house so that you could accommodate them, for example

Thanks, yes, I've already said to them that they do need to speak to their families about this before we can talk about it properly.

Anyone else - is there a helpful website anywhere?

In our wills we have asked for my brother to be their guardian and any money we have will be left in trust for them. My brother and SIL are financially very well off so are happy to raise them.

I don't know of any websites.

Yes absolutely make sure they get the wills done by an experienced solicitor.

Besides the money issues, you might also want to consider the social/emotional issues. In the unlikely event that it comes to pass, you will be responsible for the upbringing of bereaved children. They will need a lot of support, having to deal with the (illness and) deaths of both of their parents.

PortAndLemon - you have said

"There's a form of words that would allow their daughters' inheritance to be temporarily invested in a bigger house so that you could accommodate them, for example"

We are about to name someone as guardian for our children in our will, the solicitor said that the guardians would be able to access the trust fund. Are they allowed to do this for whatever they want or do they have to justify their withdrawal?

We are worried that the pot intended for our children may be depleted although the guardians are lovely people they are not money savvy.

Sorry for hijack.

Fizzy, in the wills I write, I always put a clause in after the guardianship bit to say that the guardians are not to be out of pocket.

It's crucial therefore that the guardians and executors are not the same people.

In practice, the guardians would ask the executors say every 6 months or so for money out of the trust fund to pay for everything for the children.