Not much is more difficult or thought provoking than the idea of providing care for our minor children after we are gone. Our first priority is to make sure that our children will always be loved and well taken care of. Many believe that a member or members of our family should be named guardian of our children. This may be the right option for some, but is not always the case. We must do what is right for us and our children based on our specific circumstances. We may have close friends who are great parents to their own children already. Or close friends that we know would be great parents to our children.
Assuring the appointed guardian would do more than just put a roof over our children’s heads may be one consideration. An individual or individuals that would bring them to their sports practices, clean up their emotional messes, and give them a hug when they need it. We also want someone to look after the moral and ethical upbringing of our children. Guardians are there for the emotional wellbeing of our children, not the financial. (Although, some guardians may be able to handle both roles.)
If you leave a trust for your children, there will be trustees appointed to manage these trusts. If your chosen guardian is both great with children and great with finances, you may consider appointing the guardian as trustee of your children’s trust. You may consider appointing a professional as co-trustee to serve alongside the guardian to consult with on any financial decisions that will arise.
Visit our YouTube Channel to watch more informational videos on Estate Planning.