Sunday, August 12, 2012

Estate Planning: Choosing A Guardian for Your Children

Choosing a guardian for one's children is but one consideration and purpose of estate planning. According to Forbes, Beastie Boy Adam Yauch, who died in 2012, and his wife, struggled with the issue and reached what appears to have been a compromise solution. Because Yauch and his wife used a trust in their estate planning, most of the rest of the details of their estate plan remain private.

"A guardian’s responsibilities range from the mundane to the monumental: everything from tying shoelaces and drying tears to selecting schools and medical care. Like Yauch, you should designate more than one person, so if your top choice is not available, your second preference is clear.

While you’re at it, you’ll probably want a testamentary trust (one created by your will at your death) to hold any assets you’re leaving minor children. In some states, if you have not made arrangements for both functions, the court will appoint a separate person to deal with the child’s money."

Yauch's will also prohibits the use of his image or music in advertising, but portions of these provisions he handwrote into his will may not be valid.

No comments: