Financial Guardians for Estate Plans
When children are young and parents have fewer assets than they do now, choosing a guardian means finding a family you want your children to live in the same house with who share your values.
With older children, consideration of their wishes comes into play when choosing a guardian. Choices about where they want to live and personality conflicts are taken into account.
There are also the financial aspects of the guardian’s role which often include the position of trustee of a trust for the benefit of the children. With a testamentary trust, parents can stipulate an age when each child can receive the assets of the trust. Age 25 or 30 is typical. It is also common to see a staggered distribution of one-third at ages 25, 30 and 35.
Contact an estate planning law firm for further information.
