Naming a Conservator for Your Minor Child(ren)

Hopefully, you will live to see your children grown into happy, thriving adults but there is always that possibility that something does happen to you and as a parent it's our job to prepare for that possibility.

Naming a guardian to raise your children if you are no longer able to raise is one of the most important things you can do to protect them. Putting an estate plan in place gives you the ability to nominate a guardian and a backup guardian.

After you pass away, your minor children may inherit the property you own such as the family home, your checking and savings accounts, your life insurance, or your retirement. If your child is under 18, they will not be able to own this inherited property and a conservator would be appointed by the court to manage this money.

The judge will name whom he or she deems most appropriate. It could be an your ex who has a substance abuse problem, a family member who has money problems, or a parent who is beginning to suffer from age-related dementia.

You have the right to name a conservator for your children and you can nominate a conservator in your will. Failing to do so robs you of having a voice in the process.

Who's in Charge of the Money

Raising your children should not be a financial burden for the guardian. When you choose a guardian to raise your children, your guardian's lack of finances should not be the deciding factor.

You will need to provide enough money (from property, life insurance or retirement) to provide for your children. Some parents earmark funds to help the guardian buy a larger car, add to their existing home so there's plenty of room for extra children, or pay for moving expenses so the guardian can move into your family home and raise your children in their normal environment.

Here are some factors to consider:

Naming a separate person to handle the money can be a good idea. The guardian of the children would be responsible for the day-to-day raising of the children. And the conservator would oversee the inherited property. If you have a trust in place, the trustee will oversee any property owned by the trust.

However, having the same person raise the children and handle the money can make things simpler because the guardian would not have to ask someone else for money.

But the best person to raise the children may not be the best person to handle the money and it may be tempting for them to use this money for their own purposes.

For some clients, these decisions are easy but for others they are not. Regardless, naming a guardian and conservator for your children is a decision that parents of minor children must make. Having an estate plan in place will ensure that you have a voice in the process. Otherwise, a judge that you don't know will make those decisions for you.

I am here to have these difficult discussions with you, to provide you guidance, to help you consider unforeseen issues. And it's my passion to do this work. If you want to put an estate plan to protect your kids if something should happen to you, please schedule a consultation with me by clicking the Schedule a Free Consultation button. You can also call me or email me at kc@manguslawfirm.com