Protecting Your Children: Testamentary Trusts
Parents with minor children often include testamentary trusts in their wills to provide for the children should both parents die. At Bradley Devitt Haas & Watkins, P.C., we can guide you through the process of preparing a testamentary trust and help you make good decisions on behalf of your family.
Parents with minor children will typically also identify guardians for their children should they both die. The designated guardian would be expected to physically provide for the children by providing a home, food, care, guidance and discipline, and all the other attributes of parenthood.
Considerations For Choosing Trustees And Guardians
A question will often arise as to whether the trustee or trustees and the guardian or guardians should be the same person or people. If the guardian is also the trustee, the guardian then has access to the trust assets to spend for the needs of the children. If the trustee is someone other than the guardian, then the guardian must ask the trustee for funds to care for the children.
Parents must decide whether they want to simplify the process by making the guardian and trustee the same person or whether they want a form of checks and balances by placing control of the trust assets in the hands of someone other than the guardian. Parents should give serious thought to this decision. Do they have a sufficient degree of confidence that the guardian as trustee would not misuse the funds, or do they want someone other than the guardian holding the purse strings?
Contact An Estate Planning Lawyer In Golden
The Colorado attorneys at Bradley Devitt Haas & Watkins, P.C., provide preliminary and comprehensive consultations regarding testamentary trusts and other estate planning matters. Call 303-552-2615 or contact us by email.