Who will care for your children if you die before their 18th birthday?
A difficult idea to be sure. It may help to know that you are responsible for your children's welfare should be such a disaster occur. You can name the person who brings your kids Guardian, if you are no longer here, and to ensure that they care and receive all the benefits of your property.
Q: Who needs a guardian to choose?
A: All parents of children under age 18 must have a guardian angel. California law requires that all under 18 years of representation by a legal guardian. Only minor children who are married to this rule.
Q: What does a guardian do?
A: A guardian or Guardians are responsible for:
1) Your child person
2) Your child Estate
The Guardian of your children, the person responsible for the care, custody, control and education of your children.
The Guardian of your children's estate is responsible for the management and control of the minor property. You can nominate a person, the guardian of the person and property, or select two different people. This allows you to select the person who is in the best position for your child, even if it is not the best person for the administration of the estate.
Q: What happens if I do not appoint a guardian for my child?
A: If you do not designate a guardian, and you predecease your minor children, the Probate Court select a guardian for you. The court appoints a guardian on the basis of a formula, which by state law. It will not be your wishes, unless they are legally in writing.
Q: How can I nominate a Guardian for my child?
A: You can designate a guardian in your last will and testament. It is important that you be with your other estate planning documents such as a living trust, life insurance, retirement pensions, etc.
Here are some important steps to consider when planning for your children, the guardianship:
1. Communicate with your spouse.
This may seem obvious, but it may take longer than you expect to arrive at a mutually agreeable decision. It is easier to decide how your estate as it is to choose a Guardian. Take as much time as you need to make this decision openly with your partner, so that you are happy with your choice.
2. For communication with the Guardian.
You will be surprised to note that some nominated Guardians have no idea that they were elected until the parents are deceased. That is far too critical a decision until spring on someone at the last minute. Once you have decided on a candidate, discuss it with him or her as soon as possible.
3. Make sure your child Estate is adequately funded.
Ask another person, even a family member, for your children in your absence is a serious emotional and financial decision. Make sure that a living trust, life insurance, or other financial arrangements in force. Communicate the financial situation clearly to the potential Guardian, and ensure that they are willing and capable of commitment.
4. Make sure that the Guardian of the child is placed in close collaboration with the Guardian of their Estate.
It is perfectly appropriate to choose a person as guardian of your child, and another person as Trustee or Guardian of their Estate.
However, make sure that those people who work together for your child benefit.
If there is a family conflict, or any other reason they would not be able to work together, you should take a look at a professional (such as a bank trust department or other professional fiduciary transactions) for the management of real estate.
5. Are you looking for professional legal help immediately!
Recent studies show that up to 66% of Americans die without a valid will or trust. As a result, the vast majority of the guardianship proceedings take place without the contributions from the deceased parents. Procrastination is your greatest enemy. Everyone thinks they live in their children's adulthood. But statistics show that this is not always the case.
Your child welfare is too important to be left to chance.
John Erik Frakes, Esq., Succession Planning Is a lawyer and managing partner of AINER & Frakes, LLP, a Silicon Valley-based firm specializing in estate planning, small business and taxes. The company's web site is at http://www.ainerfraker.com
Disclaimer: The information in this newsletter is not intended as a source of legal advice. You should not act or on the information in this or any other newsletter without the advice of competent advice, especially if you reside outside the State of California, where our company is not licensed to practice and not advise. This newsletter does not establish an attorney-client relationship relationship.
Copyright (c) 2006 AINER & Frakes, L.L.P.
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