623-748-4890
Lincoln & Wenk, PLLC
View Blog Navigation

Why choose 2 different types of guardians for your child?

The birth of a child is what prompts many people to begin to think about estate planning -- at least to choose a guardian to care for that child if both parents were to die. Parents are typically most concerned with finding a person (or perhaps another couple) to raise their child. In legal terms, that's known as the Guardian of the Person.

In many cases, that guardian is also designated to be responsible for managing any money that's left in the parents' estate plan to care for the child and to ensure that it's spent in a responsible manner to cover the child's living expenses, education, medical care and other needs. That role is known as the Guardian of the Estate.

However, you may prefer to give these responsibilities to two different people. The Guardian of the Person and the Guardian of the Estate don't have to be the same person.

Why choose a separate Guardian of the Estate? If you are leaving a significant amount of money to your child, you want to ensure that it's invested and managed wisely. The person whom you believe can best raise your child may not have the knowledge, organizational skills and/or desire to manage a significant amount of money or a complex mix of assets.

If you choose separate people for these roles, however, it's essential that they be able to work together to do what's best for your child. The two guardians will need to communicate with one another regularly, trust each other and work together to provide for your child as you would have wanted.

You may not think you have enough assets to warrant a separate Guardian of the Estate. However, remember that if you and your spouse are killed in a car accident, plane crash or in some other manner that warrants a civil lawsuit, your child could end up with a considerable amount of money thanks to an award or settlement in that case.

If you're debating whether to choose two separate guardians for your child or to ask one person to assume both guardianship roles, it's wise to discuss the matter with your estate planning attorney. They can provide valuable information and guidance.

No Comments

Leave a comment
Comment Information
  • Super Lawyers
  • 2015 ARAG | Elite Service Provider
  • AV | Peer Review Rated for Ethical Standards & Legal Ability | Preeminent | Martindale-Hubbell from LexisNexis
  • American Association for Justice | Formerly the Association of Trial Lawyers of America (ATLA)
  • Arizona Association of Family Law Attorneys - AZAFLA
  • Lincoln & Wenk, PLLC BBB Business Review
  • Association of Top 100 2019 | American Trial Lawyers
  • American Academy Of Trial Attorneys | AATA | Premier 100 | 2015
  • Family Law | Top 10 | Attorney And Practice Magazine's | 2018 | Attorney
  • Top Valley Lawyers 2017 | North Valley Magazine
  • American Institute of Family Law Attorneys | 10 Best 2017-2018
  • Veteran Owned Business - A Registered Vetrepreneur on Buyveteran.com - 2014
  • Avvo Top Attorney
  • Avvo Client's Choice
Email Us For A Response

Need legal help from an attorney?
Contact us now to schedule a consultation with our lawyers

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Goodyear Office:
1616 North Litchfield Road
Suite 140
Goodyear, AZ 85395

Phone: 623-748-4890
Fax: 623-536-1984
Goodyear Law Office Map

Peoria Office:
16165 N. 83rd Avenue
Suite 200
Peoria, AZ 85381

Phone: 623-748-4890
Fax: 623-536-1984
Map & Directions

Phoenix - Desert Ridge Office:
20830 N. Tatum Blvd
Suite 210
Phoenix, AZ 85050

Phone: 623-748-4890
Fax: 623-536-1984
Phoenix Law Office Map