Guardianship Selection in a Will – Durham Estate Planning and Will Drafting
As a parent you want your child to be loved and nurtured, even after your death. The terms of your Will can nominate a guardian for your child and set aside funds for his or her care and well-being.
It’s usually best to choose a family member or close friend you and your child know well who shares your values and beliefs. It’s also important to think about where the guardian lives, their financial security, physical and emotional well-being, and how those things will affect your child. While a Clerk is not bound to your nomination, they use it as a strong guide, but ultimately the Clerk will decide what is in the child’s best interest. You may also name backup guardians, but it’s a good idea to ask your guardian first if he or she is willing to serve before nominating them in the will. If you change your mind later, you should update your will to reflect your decision.
You can make financial arrangements for your children’s care in your will. There is a statute that will govern if you do not decide. However, your will can provide that the money be held in trust for the child’s benefit. You can also decide what it can be used for and when. Further, you can elect to not allow the child access to substantial funds until he or she is a mature age. Many of our clients elect ages well beyond 18 or 21 for children to receive property from their will, but allow a trustee to access the funds to care for the children’s support, health, education, and maintenance.
