Estate planning can be difficult for people to face, and unfortunately, it doesn’t get any easier when guardianship comes up. Many young families struggle with the decision-making around this – no one wants to think about what will happen to their children if they are no longer around. But as much as parents try to avoid it, it is one of the most critical decisions parents can make. We often find that clients are surprised by how complex guardianship can be. It is not quite as simple as jotting down Aunt Jane’s name and moving on with your day. There are many things to consider, and you want to get it right so everyone involved can transition and maintain their lifestyle as comfortably as possible.
In this episode of Absolute Trust Talk, Kirsten and Madison team up to discuss:
- What guardianship is
- The guardianship processes
- The different situations when guardianship is necessary
- The different types of guardianship
- How to select the right guardian
And more!
There are many reasons to put off selecting a guardian, but we urge you to take a minute to think about your children. If your family ever finds themselves in the difficult situation of needing a guardian, will your kids and family have the comfort of knowing what you want for them? Or will you leave it up to the court to decide for you? We hope you will listen to this episode and share it with your friends and family because guardianship is a topic every family should discuss.
Big Three from Episode #093:
- There are two kinds of guardianships: personal and estate. One is of the person, and one is of the money.
- When considering who to choose, it’s important to decide based on your values and wishes.
- Whether you have a formal estate plan in place or not, write down your guardian selection and all your wants, needs, and wishes for your children, and keep it up to date. What worked for a three-year-old won’t necessarily work for a 12-year-old.
Time-stamped Show Notes:
0:00 Introduction
2:05 Did you know? There are two basic types of guardianship, the personal and the estate. Here’s what you need to know.
4:25 Wondering how a divorce impacts guardianship? Listen in as Madison shares more insights.
5:46 What qualities should you be considering in the person that you choose? How do you know if someone is the right person? Let’s discuss.
6:59 Press play now to hear more about a Letter of Intent and why it could prove helpful for guardianship in your estate plan.
8:55 Are you thinking about making the eldest child a guardian of younger siblings? Here are some things to think about before moving forward with that option.
10:00 When it comes to guardianship, there are two jobs in the orphan child’s life: the guardianship itself and the handling of the money.
10:52 We’ve talked about how parents should clearly state all of their wishes about who should be the guardian and what they want for their child. Is there a special process or procedure to make that happen? Start listening now for more.
11:47 It’s so critically important that you name someone even if you don’t have a formal estate plan, but that’s just the beginning of the process.
14:03 If a child under the age of 18 comes into money, they will need to have guardianship of the estate, which can be avoided with proper planning. Start listening now for the details.
17:58 Continuing the discussion of money inheritance and guardianship, you also want to consider the “what ifs.” What if a child dies before me? Will my grandchildren be the heirs now? Make sure you’re thinking through all the possibilities and discussing with your attorney what happens when minors inherit your money.
19:33 Q&A: Is it okay to name a couple as a guardian instead of one individual?
21:01 Q&A: How can you ensure that someone you don’t want to be nominated as a guardian is excluded?
22:13 Q&A: What happens if the guardian doesn’t live close to where you currently do?
Resources/Links Mentioned in this Episode:
- Absolute Trust Talk Ep. 058 The Importance of Guardianship in Your Estate Plan
- Absolute Trust Talk Ep. 010 Thinking Outside the Family – Special Needs Trusts & Professional Fiduciaries
- Absolute Trust Talk Ep. 024 Conservatorship: Powerful Protective Proceedings
- Absolute Trust Counsel would love to offer access to our Incapacity Planning resource page:https://absolutetrustcounsel.com/incapacity-planning/. We’ve collected our top planning information all in one place so listeners can find videos, guidebooks, blog posts, a host of information with tips and strategies on implementing, planning, and protecting themselves and their loved ones.
- We’re pleased to provide you with a library of e-books to address common estate planning questions and concerns in practical, easy-to-understand language. https://AbsoluteTrustCounsel.com/Resources/.
- ASK KIRSTEN: If you’d like Kirsten to answer your question on the air, please email her at Info@AbsoluteTrustCounsel.com.
[Ad] Are you a resident of Walnut Creek or the greater East Bay needing help with your estate plan? At Absolute Trust Counsel, your family’s safety is our number one priority. We understand how complicated it can be to know if you’re making the right legacy planning decisions, which is why we’re here to make things easier. Schedule a free discovery call, and let’s talk about how we can help build the right plan for you and your family. Or, if you have a question about the content in this blog, please feel free to get in touch with us by calling 925.943.2740 or sending an email to Info@AbsoluteTrustCounsel.com.
