Nevada Estate Planning & Elder Law Information Blog

Things to Consider Before Accepting Guardianship of a Child

This article come to us from the Financial Transitions March 2008 Newsletter published by Wachovia Securities,

When asked to served as the guardian of someone's minor children in the event of his/her death, it is usually meant as a compliment.  However, don't accept this role without giving it serious thought.  Consider the following:

Are your lifestyles compatible? 

Go over all details involved in raising the children.  Will the children have to relocate far from their current home?  It is difficult to lose parents, but it becomes even more traumatic when the children must relocate away from friends and school.  What are the parent's preference regarding education, religion, lifestyle, and other factors?  However well does your family get along with their children?  Consider the impact on your children, including the fact that you will probably have less time available for them.

How much financial support will be available? 

This involves more than making sure money is available for college and other expenses directly attributable to the children, such as clothing, medical expenses, and entertainment.  Additional children in your house will increase many of your bills, including food, utilities, transportation costs, etc.  Your house may now be too small, requiring an addition or moving to a larger home. 

Are you comfortable taking on responsibility for the children's finances? 

Just because you agree to take physical custody of the child does not mean you have to handle their finances.  You may feel more comfortable with another person involved to review how the money is spent.

Has a contingent guardian been named? 

Find out if a contingent guardian has been named in case you cannot serve.  However, do not use this as an excuse to say yes when you really want to decline.  It is better to indicate that you do not want to take on this responsibility now, so another guardian can be chosen.  Also if your situation changes in the future, inform the parents immediately. 

Why Anyone Going Through a Divorce Can Benefit From Estate Planning - Part III

If you have children and are going through a divorce, or are otherwise terminating your relationship with your child's other parent, seeing an estate planning attorney should be one of your top priorities. Perhaps you have fears about your former spouse's ability to care for your child, or have concerns about your families' continued involvement with the child in the event of your death or disability. Admittedly, the laws in the State of Nevada limit your options. There are presumptions under the law that the other parent should assume custody, prior to any other third party being nominated to care for the children. Nonetheless, the court will consider the concerns of a deceased parent in making a decision in the child's best interest, provided that such concerns are included in your estate planning documents. Additionally, if it is your desire that your family have continued involvement with your child, having a statement from you supporting their efforts to establish grandparental or extended party rights can be very helpful. The larger concern with children, however, deals with how your financial estate would be distributed to your child in your absence. Children who are under the age of 18 cannot control their own assets. If they become the beneficiaries of your estate, a guardian will need to be appointed to control the assets until they become of age. Generally, the law will presume that the child's remaining parent should assume the role of guardian of the estate unless you provide otherwise. You can use either a will or a trust to nominate a different guardian of the children's financial estate. Better yet you can arrange for your assets to pass to a trust in your child's name. You can than designate and enforce the terms under which the assets will be distributed (such as the child's age, or the specific purpose of the distribution - like college expenses), you can decide the trustee of the trust, and can decide when the trust would end.