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Tuesday, March 24, 2015

Reasons To Consider

Eight-month-old Sam will probably never need a financial guardian.  His parents, Ray and Liz, have just thoroughly enjoyed watching him learn to crawl and have no reason to believe they will pass away before Sam or his older sister/crawl teacher Rose are adults.

But their planning is necessary to provide care for them in case the unexpected does happen.  They decided to name Ray’s lifelong friend Ted to take care of the money Liz and Ray would leave for Rose and Sam. 

Ted is “good with money,” is close to Sam and knows Joy, Liz’s sister, who would be the personal guardian.  On the other hand, the money Ray and Liz would leave for Sam, including their life insurance amounts, would be a much larger amount than Ted has yet needed to handle for himself. 

So Ray and Liz are considering how to empower Ted to get the advice and help he would need to best manage the money for Rose and Sam.  One way would be to suggest Ted work with a specific financial advisor they trust. 

Another way would be to name a “corporate” co-guardian to serve with Ted in their Wills.  One example of a corporate guardian is the trust department of a bank. 

The bank would manage the money and do the accounting work, and Ted would decide with the bank what the children and Joy need. 

Corporate co-guardians can provide financial expertise to make the job of an ordinary person serving as guardian of a large estate easier to fulfill.  To consider your alternatives for your own estate plan, please call our office at (815) 436-1996 for an appointment.

©2015 Gruber Law Office, Ltd.


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