Tuesday, March 3, 2015

More House Needed?

Ray and Liz want Liz’s sister Joy to take their children Sam and Rose in the event they were to die before they are adults, so they are naming her to be guardian of their “persons.”  However, as we have talked about the last few columns, they do not want Joy to manage the kids’ finances.

They have the option to name a different person to serve as guardian of the estate to be in charge of managing the money the children would inherit. 

Obviously, that person should be good at keeping track of investments, income and expenses, but also of Joy and the children’s needs.  Liz thinks her sister would probably not ask for funds to buy a bigger house for her family even if needed. 

Liz and Ray would want some of the money they leave for Rose and Sam to allow Joy to buy a house that will be comfortable for the expanded family.  So they want the guardian of the kids’ finances to have enough information and, if needed, be willing to propose it to Joy and the probate court. 

Ray and Liz can mention the possibility of these kinds of expenditures in the Will itself to provide some guidance for the court and the guardians.  The split roles and extra guidance can make both guardians’ responsibilities easier to fulfill. 

To direct the court and the guardians via your estate plan customized to your particular family situation, please call our office at (815) 436-1996 to set an estate planning appointment.

©2015 Gruber Law Office, Ltd.

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