Planning for Minors
If you have minor children, it is important that your estate plan provide specific
directions for their care. A guardian will have to be appointed to take and rear
them until they reach the age of majority, in accordance with the laws of your state.
Additionally, a second guardian will have to be appointed to manage any inheritance
the child(ren) might receive. These guardians are sometimes referred to as "guardian
of the person" and "guardian of the property," respectively.
Your planning document may include instructions on appointing these guardians. You
may request that the same person fill both roles, or you may request the appointment
of separate persons, in order to prevent abuse of the inheritance intended for your
children. Although the courts are not obligated to follow your requests, judges
generally give significant weight to the wishes of the deceased parent(s) in determining
what is in the best interests of the child(ren). Without specific instructions from
you, the probate judge will have to decide who should fulfill these
positions completely on his/her own with no input from you, as he/she will have
no evidence of what your wishes were.
This Web site is intended for general information purposes only. It does not nor is it intended to constitute legal, tax or investment advice. United Financial Systems, Corporation is not a lawyer, registered investment advisor or investment advisor representative, and is not engaged in the practice of law or the business of investment advice.