Could not find a Canadian forum that looks as helpful as this. I hope you folks as Commonwealth cousins can assist.
I am working with a lawyer to draft a will and power of attorney documents for property and for personal care. As currently drafted, each document names my wife as executor/attorney, and (in the event that she cannot serve) my two daughters, and in (the event that they cannot serve) my brother and sister.
I am slightly uneasy with each of these appointments. My wife has no interest in legal or financial matters but she wants to be named as my first choice for attorney and executor; my daughters are both in their 20s and also are not yet very experienced in these things; my brother and sister have much more experience and resources but live at a distance. They all get along well, I am sure that they would all agree to serve and that they would each have my best interests at heart.
So I am now considering appointing all five to work together right from the start. Each of them would also have the authority to act individually; I believe the term is "jointly and severally". I plan to get prior concent from each and to document for them my intent and expectations. In short: when the need arises, I would expect them to caucus by phone or Skype and decide who would do what. I would expect big decisions to be discussed by the group and small matters to be delegated to individuals. This will allow responsibility to be divided in accordance with the needs and abilities of the five people at the time. I would expect my wife and daughters to take on as much of the work as they are capable of, and to accept help and advice from my brother and sister wherever needed. Any of them could exclude themselves (I forget the legal term) if they felt unable to serve.
I do not anticipate disputes, but of course people can change. My generation risks dimentia (and there is some in both sides of the family). Our daughters personalities are still subject to change, for example as a result of career and life-partner choices. I intend to write that I expect the group to isolate or intervene with any member whom they judge to be not acting in my best interest.
I would very much appreciate comments and cautions concerning this approach. Do you know someone who has something like tried this? How has it worked out?
I am working with a lawyer to draft a will and power of attorney documents for property and for personal care. As currently drafted, each document names my wife as executor/attorney, and (in the event that she cannot serve) my two daughters, and in (the event that they cannot serve) my brother and sister.
I am slightly uneasy with each of these appointments. My wife has no interest in legal or financial matters but she wants to be named as my first choice for attorney and executor; my daughters are both in their 20s and also are not yet very experienced in these things; my brother and sister have much more experience and resources but live at a distance. They all get along well, I am sure that they would all agree to serve and that they would each have my best interests at heart.
So I am now considering appointing all five to work together right from the start. Each of them would also have the authority to act individually; I believe the term is "jointly and severally". I plan to get prior concent from each and to document for them my intent and expectations. In short: when the need arises, I would expect them to caucus by phone or Skype and decide who would do what. I would expect big decisions to be discussed by the group and small matters to be delegated to individuals. This will allow responsibility to be divided in accordance with the needs and abilities of the five people at the time. I would expect my wife and daughters to take on as much of the work as they are capable of, and to accept help and advice from my brother and sister wherever needed. Any of them could exclude themselves (I forget the legal term) if they felt unable to serve.
I do not anticipate disputes, but of course people can change. My generation risks dimentia (and there is some in both sides of the family). Our daughters personalities are still subject to change, for example as a result of career and life-partner choices. I intend to write that I expect the group to isolate or intervene with any member whom they judge to be not acting in my best interest.
I would very much appreciate comments and cautions concerning this approach. Do you know someone who has something like tried this? How has it worked out?