Tuesday, February 3, 2015

Separation Advantage?

If Ray and Liz were to die before their young children are adults, someone would have to be named the kids’ guardian by the probate court.  As we have been writing about for some time, Ray and Liz can decide who the court would name as guardian in their Wills. 

After much thought, Liz’s sister Joy is their first choice to be named his guardian so Rose and Sam can become part of Joy’s family.  The one snag is that Joy has no money sense. 

Joy went deep into debt for fashionable clothes, an expensive car and other luxuries and so had to file bankruptcy before she married.  Then she continued overspending until her husband took over the family finances. 

Joy admits to feeling relieved to not have to manage their money, even though she is sometimes frustrated with the limits of the budget her husband has set up.  So Ray and Liz know that Joy is simply not a good person to have to manage Rose and Sam’s money.  At best, it would be a burden on her; at worst, the money might not be there when the children need it. 

Fortunately, Illinois guardianship laws allow the responsibility for the children’s finances to be handled separately from physical custody, which we will explain more in later columns. 

To begin planning to better handle your minor children’s future in the event of your untimely death, please call our office at (815) 436-1996 to schedule an estate planning appointment.

©2015 Gruber Law Office, Ltd.

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