Wills, Estates and Trusts Law – What Is Guardianship And When Does It Make Sense To Put Into Place?
- If you have young children, making sure that they are cared for the rest of their life is going to be extremely important to you, not only monetarily but you need to make sure that someone is there who will have custody over them after you pass and will raise them in a way that you desired.
- Without this provision, things can get messy because someone has to petition for the right to become the guardian over your children which could lead to inter-family fighting.
- You may also want to ensure that your children have the funds available to go to college or simply live out the rest of their life.
- A good way to do this is to set up a testamentary trust or a trust inside your will so that the money will be held for the children for a period of time.
- You may not want to give large amounts of money to small children as until they are equipped to handle that responsibility.
This short informational estate planning video was provided by Nicholas Mattia, an experienced Jackson Heights Estate Planning Attorney.