I've been asked by friends to be a co-administrator of a trust set up for their kids should something untoward happen. Am totally flattered. They have hinted about D and I being godparents as well.
As I tend to approach most requests that come my way seriously, I've replied with a number of questions ranging from basic framework, logistics to what values were they hoping to impart about money, so we could all determine if this would be a good fit. My role would only come into play when large amounts are involved.
I'm not sure how the rest of the family will respond to a potential outsider being involved. I've read enough books about estate planning to appreciate the complexities and emotions that can arise. In my mind, the more thought and detail we work through in advance, the easier it will be to act on directions without interference from differing personal values. The other person is quite different from me.
Their motivation for asking me stems from the impression that I am able to manage money in a reasonable way. Whereas their respective siblings and family members on both sides do not have a great track record and could be trusted to interpret a sudden appearance of a sizable sum of money as opportunity for personal gain.
I have zero problem with standing firm to protect those kids. However the most tricky aspect is that the guardians for these children will likely end up being said family members...
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