No parent wants to think about somebody else raising their children. However, it is one of the most important decisions you can make for your minor children. Although nobody can take your place, appointing a guardian to care for your children if you and your spouse should both die, ensures that your kids are raised by somebody they know and love. You can also decide if that person is the best choice for managing your children’s finances.
The guardian over the person is the individual that will raise and care for your minor child. This person will raise your child until he or she is 18 years old. The guardian over the estate is the person who will handle your child’s financial situation. The guardian over the person and the guardian over the estate can be the same person or they can be two separate individuals. There are pros and cons in appointing the same person to serve in both capacities, so you should discuss this matter with your estate planning attorney.
It is also important to note that if your estate plan includes a Trust, your minor child’s inheritance can be distributed pursuant to specific instructions left by you. For instance, if you want your child to reach a certain age before receiving a distribution or you want the inheritance to be paid in installments, your Trust allows you to accomplish these goals. You should discuss your options and the flexibility provided by setting up a Trust with your lawyer.
If you have minor children and you want to make sure their best interests are protected if something should happen to you and your spouse, let us help. Don’t wait any longer, contact us today.
The Swenson Law Firm is located in Sacramento County and we proudly serve individuals, families, and businesses of all sizes from all over the State of California. Contact us today to learn more about how we can assist you with matters such as estate planning, trademarks, defending lawsuits, business formation, contract negotiations, hiring employees, and protecting your intellectual property. With our years of complex business trial and litigation experience, we are an effective, efficient and affordable choice in representing you at the bargaining table and in the courtroom.