professional
portfolios
 Legal:
Thomas M. Butz
Thomas M. Butz is
a Partner in the law firm of Smith Butz, LLC and concentrates
his practice in the areas of Estate and Trust Planning, Estate
and Trust Administration, Asset Protection and Civil Litigation.
Smith Butz, LLC is a full service law firm located in
Southpointe at 125 Technology Drive, Suite 202, Canonsburg, PA
15317. Please call 724-745-5121 or visit the Website at
www.smithbutzlaw.com.
Choosing
a Guardian
When people write
their wills or plan their estate, they are mostly concerned with
whom they want to inherit their cash, real estate or other
possessions. But there is another aspect to planning an estate
that is even more important than the final destination of all
worldly possessions. Who will raise the children if both spouses
are no longer around?
Choosing a person or
persons to look after the children may be the most difficult
decision someone may ever have to make. In fact, for many it is
the hardest part of planning their estate. One can, however,
make a tremendous difference in a child’s life by planning
ahead. Anyone with a child under the age of 18 needs to think
about who would raise their child or children if they were not
able to. The younger the child, the more important this decision
becomes. Young children are the most impressionable and the
impact that the guardian has upon them will be significant. Even
children who are soon to be legal adults will be impacted by a
guardian. As every parent knows, raising a child does not
suddenly end when the child reaches 18.The parenting of a child
continues well into adulthood. By carefully choosing the
guardian, it is possible to encourage the development of a
lifelong bond with a caring individual or family.
Nominating a
guardian can either be a very simple element of an estate plan
or a very precise in its outline. In the will, it can be as
simple as designating the individual or individuals who would
act as guardian should both spouses be unable to act. In the
alternative, additional detailed guidance can be provided to the
guardians outlining what type of life experiences and family
environment should be established for the children.
So how does one
choose the right individual or couple to serve as guardians? One
question to ask when faced with this dilemma is: “Would
this person provide a better home for my children than a
court-appointed guardian as part of a foster care system”? If
the answer is yes, then that person is worthy of consideration.
Consider family, but also consider friends who may share similar
philosophies about child rearing. Don’t automatically
eliminate people from consideration for financial reasons.
Sufficient life insurance in a well-drafted Trust for the
children (that forms part of the will) can ensure financial well
being. When considering someone to name as guardian, take into
account their maturity, patience, age, child-rearing philosophy,
presence of children already in their home, integrity and
stability. These are just a few of the characteristics to
consider when deciding on a guardian.
Having narrowed the
list of possible guardians, discuss each of the potential
guardians with a spouse. While each can name different
guardians, most couples are happier if they can reach an
agreement. If there are disagreements, discuss the issues to see
if a consensus can be reached. Regardless of which spouse’s
family or friends appear more frequently on a list, it will be
important to keep both families involved in the process. One way
to do this is to name members from one side of the family as
guardians to care for the children and members of the other side
of the family as Trustees to manage the financial assets of the
children.
Choosing and
nominating a guardian can be an intense, emotional process, but
it may be the easiest legal issue you will ever face. With a
well-drafted will nominating a guardian and a Trust with a
designated Trustee, to manage the financial assets the children
will be inheriting, a parent can ensure that their children’s
life will be safe, emotionally stable and financially secure.
The process in achieving this result may be a little stressful
and perhaps contentious, but it will give the piece of mind
knowing that the children will be well cared for should one not
be there for them.
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