Having children brings a whole new urgency to estate planning because in the event of the death of both parents, a guardian will be needed to care for children under the age of 18. There are two types of guardianships for children:

• Guardians of the estate: Also referred to as a conservator, this person manages assets or money held by a child, normally inherited from the parents estate; and
• Guardians of the person: Also known as a personal guardian, they care for the child and become a substitute parent.

One person may be designated to act as both the personal guardian as well as the conservator, or different people may be designated for each role.

Backup Plans

As any parent knows, having a backup plan is important. Not only should you name a guardian for your children, but choose at least one or more guardians as ‘alternates’. Should your primary guardian be unable to care for the children, or perhaps preceded you in death and the will was not updated, you certainly do not want this important decision left up to the courts or to others.

Informing the Guardian

It is best to discuss your decision with your appointed guardian prior to naming them in the will. Raising children is a huge responsibility, as well as expensive, and you should be assured that the person is ready, willing and able to take on this challenge.

Is Two Better than One?

Many parents name a married couple as guardians for their children. But remember, this couple may not always be together due to death or divorce. For example, if you name your brother and sister-in-law as guardians, and your brother passes away, your sister-in-law will be raising the children. Ask yourself, is that really what you wanted?

Choosing a guardian for your children is usually the most difficult task of estate planning for parents, and they often avoid facing it, but it’s a challenge that should be dealt with upon, or even before, the birth of your children.

Legacy APC, A Trusts & Estates Law Firm is a member of the American Academy of Estate Planning Attorneys.

Tags: conservator, guardian

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