01 Sep Guardians of Minor Children vs. Successor Trustee
We only have a limited time here on earth. Do you know who will care for your minor children if or when you pass away? Who will ensure they remain safe, fed, educated, and can grow into responsible adults? A single person cannot fill all of those roles. Most people prefer to appoint guardians of minor children and a successor trustee separately.
What Makes a Good Guardian For Minors?
To choose a guardian, look towards people you trust and who are responsible enough to raise your children. Focus on their personal/religious beliefs, interest in extracurricular activities, whether they are parents and if they are healthy.
These aspects are necessary – your chosen guardian will provide daily care and support for your children. However, even if they are great with your kids, they may not be so great with money. If that is the case, place financial management in the hands of someone who is experienced in those matters. If their guardian runs out of money, your children may not get the quality of life you expect.
What Makes a Good Successor Trustee?
The first thing you should look into is whether your chosen successor trustee is good with finances or not. They should be able to manage finances as per the instructions in your trust. Plus, you shouldn’t have to think twice if you consider giving them discretion regarding critical financial decisions.
The bottom line is that your successor trustee should be someone who can act in your minor children’s best interest as per the limits you set in your trust documents.
Who Should You Choose for Each Role?
The guardian of your minor children and successor trustee can be two different people you trust with these respective roles, or they can be the same person. Many people choose the first option since an individual who can handle both functions is rare, and they want to ensure their children can survive even if one of them falls through.
If you choose two different people for these roles, make sure they can work together and remain amicable during your children’s childhood. Suppose they have disabilities and need care during adulthood. In that case, your successor trustee and children’s guardian should be agreeable to ensure your children with special needs are cared for past their teen years.
Contact Guideway Legal Documents & Mediation Services to Create a Living Trust
Life is unpredictable. If you want to ensure your family is taken care of if you pass away suddenly, create an estate plan today with help from Guideway Legal Documents & Mediation Services. If your estate is likely to be greater than $1 million and includes real estate, a trust can protect your assets and ensure they don’t fall into the wrong hands. Get in touch with us today!