The Importance of Naming a Guardian
As an Estate Planning lawyer, one of the saddest situations that I deal with is where the courts are appointing guardians for children whose parents have died without writing a will and naming guardians. I have seen families torn apart when the judge names his final determination for guardian. Of course the judge does the best he can, but without a will naming the guardians, he can’t know what the parents really want. The kids are often taken away and their family seldom, if ever, sees them again.
Many times couples are unable to agree on guardians for their kids when they come in to do their estate planning. As a result they don’t ever complete the task. It is hard to pick guardians. Who desires the kids? Who can best look after them? Where will they be cared for? Will the kids be treasured?
Who do you pick as guardians for the children when you do your estate planning? It isn’t easier for the judge, than it is for you. You need to act now to make sure your children are protected by naming guardians for them in your will. If you are a grandparent, you need to make sure your kids do their estate planning or at least have wills that name guardians for the grandchildren.
Make sure your kids do their estate planning or at least have wills that name guardians for your grandchildren. I handled one estate planning case where the grandparents wanted to raise their grandchildren after the parents were killed in an auto accident. The parents had no will or estate plan.The judge appointed a shoestring relative as guardian.The guardian the judge appointed was a shoestring relative. Shortly after the accident, the grandparents had me make out their own living trust. Their orphaned grandchildren were to be left with a substantial amount of their estate. The grandchildren were just removed from the list of beneficiaries in the trust and will, after twenty years, at the grandparents’ request. It has been twenty years and the grandchildren haven’t seen and don’t even know their grandparents.
When you name guardians in your will, the probate court will make the final determination and give that guardian legal custody and legal authority to raise your children. The judge will almost always appoint the selection you have made in your will. Before you do your estate planning or draw up a will, take a moment to think about who and what you really want for your children’s guardian. It is an important part of the process. Once you understand what you want, when you write your will, you can "educate" the probate court. You should make two or three different guardian selections in your will. Suppose the first in line doesn’t work for some reason, the next in line will fill the place until one can serve. Every selection the court considers should have restrictions or things for the court to look at. The guardians could start to serve many years from now so you have to take that time lag into consideration.
If the grandparents are named as guardians, you could restrict their service on the condition that they have the health to take care of the grandchildren. If you name an uncle or aunt, restrict their service to the condition that they are still married to their same spouse and are happily married. You could ask the judge to have the guardians raise the children in your family home, or have them raised in a specific religion. The judge would appreciate any help you give the court. Few lawyers put restrictions like these in a will; it takes too much time. You have to ask that these restrictions are put into your will.
My new book, Guaranteed Millionaire, gives you a lot of detail on naming guardians in your will. Naming guardians won’t give you a million dollars, or even save you money, but some things are more important than money.
Take the first step to protect your financial future by ordering my FREE DVD!