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Naming a Financial & Personal Guardian for Your Child

Naming a Financial & Personal Guardian for Your Child

Many people take the appropriate steps to prepare for their children's future, including the use of guardianships. Choosing who will look after your child in the event of an emergency or sudden fatality can be very difficult. You must consider many factors, including the emotional and physical well-being of your child. While one relative may be an ideal emotional caretaker, they may not have the financial discipline to maintain your child's inheritance. Fortunately, there are many legal resources you can use to separate these two areas. Through proper estate planning, you can setup a guardian for your child and a trustee for their inheritance.

While some people prefer to keep these roles combined, others may not have a choice. It may be difficult to decide who should care for your child, especially if your first choice is older than you. You will need to think of the needs your child might have four or five years down the road, not just their present ones. If you have a young daughter, putting her with your financially savvy, but single brother may create unnecessary challenges. You may instead opt to select your brother as a property or financial trustee, managing your child's finances until they are old enough. In the meantime, your daughter lives with a nearby aunt or grandmother.

If you do decide to create two separate roles, it is important to discuss this with both parties. Their cooperation and ability to work together is essential to the future benefits of your child. If they cannot get along, it may be in your child's best interest to select different guardians. Once you have found two trustworthy individuals that agree to the plan, a Long Island estate planning attorney can help you draft a simple will to make it official. The Law Office of Michael J. Brescia, P.C. is always available to assist you with your estate planning concerns. If you would like to find out more information about guardianships or wills, please contact our firm at (613) 386-8767.

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