Who Will Raise Your Minor Children in the Event of Your Death?
This is one of the most difficult and the most important decisions a parent must make. In your last will and testament, you can make sure that your voice is heard by designating your order of preference for your minor children’s guardian(s). If you don't name a guardian in a legal document before you die, the court will choose who will raise your children without your input.
It is often advisable to name one or two back-up guardians in case your chosen guardian is unable or unwilling to serve as a guardian.
Factors to Consider in Appointing a Guardian in Your Will
- Does the guardian hold the same values as you?
- Does the guardian have his or her own children, and if so, will the families blend?
- Is the guardian financially stable?
- Is the guardian young and healthy enough to care for your children?
- Where is the guardian located? If in a different city/state, would you want your children to have to move there?
- Is the guardian in a stable marriage? Would you select the guardian if he or she got divorced from the current spouse?
Guardian of Your Children’s Money
If your child inherits more than $10,000 from you, the probate court will appoint a guardian of the child’s estate to protect the minor’s assets.
Without a Will - If you have not designated a guardian in a last will and testament, the court will select the person in charge of the assets. In addition, the guardian must post a bond for twice the amount of the child’s assets, which must be renewed each year.
With a Will - You can choose the person in charge of your minor child’s inheritance. You can also request the court to waive the posting of a bond, which can save hundreds of dollars each year of the guardianship.
In addition, in a last will and testament, you can ensure that your children do not receive control of their entire inheritance upon reaching age 18. Many parents include a testamentary trust in their will. If the children are under a certain age at the time of your death, the will directs the executor to distribute the assets to a trustee to hold them until the child is older and more likely to be mature enough to handle the assets. The trustee can use the assets for the child’s care, maintenance, support, and education until the child reaches the designated age.
