Selecting a Guardian

Entrusting the care of your children to another individual requires serious consideration. The individual should be willing and able to provide shelter, comfort, and stability for your children until they are adults. The individual should have a physical capacity and emotional stamina that are well-matched to those of your children. Ideally, the chosen individual and your children know and like each other. If you are religious, consider whether the guardian shares the same beliefs and is willing to raise your children according to them. Location should also be considered as a move impacts school, activities, and relationships with friends and family. If the guardian has other children, consider whether he or she has enough resources to care for yours as well. Finally, if your estate cannot provide adequate funds to the guardian for the care of your children to adulthood, is the guardian willing and able to provide the rest?

Creating a Trust

Having control over how your assets are distributed to your minor children allows you to protect their inheritance. It enables you to designate the amount your child receives, what age they are to receive it, and how they can spend it. This type of trust can protect against creditors or other legal proceedings such as divorce.

In general, without a trust in place for minors, the state distributes assets according to a formula that does not set out these sorts of parameters. Nor does it account for situations where the surviving spouse remarries.

For these reasons, choosing to create a trust typically gives you the greatest amount of control over your child’s future. Jarvis & Modun will work with you to establish a trust that meets your unique needs.