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Tuesday, March 31, 2015

'Corporate' Guardian

As we wrote last week, neither 8-month old Sam or his 4-year-old sister will probably ever need a financial guardian, as his parents, Ray and Liz, have no reason to believe they will pass away before they are adults.

But they plan about how to provide care for Sam in case the unexpected does happen.  They think they may name Ray’s friend Ted, to take care of the money their children would inherit from Ray and Liz.  But the money they would leave, including their life insurance amounts, would be a much larger amount than Ted has ever needed to handle for himself yet. 

Last week, Ray and Liz considered naming Ted to serve as co-guardian with a professional corporate guardian, such as a bank’s trust department.  Another option is to simply name the trust department to serve as guardian of the estate solely, which would allow Ted to simply be an unofficial uncle like he is now. 

The bank would serve as fiduciary for the children, manage their money, do the accounting work, and make the decisions about what money is needed for them based on its established policies.  They would monitor his situation and respond to requests made by Joy, who Ray and Liz named to be the children’s personal guardian. 

Corporate guardians are experienced serving as financial fiduciaries for minors and so can be a good choice to name as guardian.  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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