"Living Trust Secrets
Avoid Probate & Save Estate Taxes"
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Part 1: How to Choose the Right Plan
Part 2: How to Avoid Probate
Part 3: How to Eliminate Estate Taxes
Part 4: How to Transfer Your Assets into Your Living Trust
Part 5: 2 Common Mistakes You Must Avoid Making in Your Trust
Part 6: How to Simplify Settling Your Estate
Part 7: Top Things You Need to Tell Your Children |
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Choosing a personal guardian:
A written will is a legal document for nominating a guardian for minor children and a conservator of assets for them should both parents die. Guardianship provides for the childrenžs care until they reach the age of 18. The guardian has the power and responsibility of a parent and makes decisions about the childžs upbringing, schooling, religious training, and medical treatment.
In most cases, a surviving parent assumes the role of sole guardian. However, it is important to name a guardian for minor children in the will in case neither parent is able and willing to act. The guardian a person chooses should be over 18 and willing to assume the responsibility. A person should talk to the potential guardian ahead of time about what he is asking. A person can name a couple a co guardians, but that may not be advisable. The guardians may choose to go their separate ways at some later date and if so, a custody battle could insure. If a person does not name a guardian to care for his children, a judge will appoint one, and it may not be someone the parent would have chosen.
Agreeing on the person to be guardian of their children is often the most difficult part for parents setting up a guardianship. They should consider choosing someone whose values, lifestyle, and child rearing beliefs are similar to theirs. Many attorney encourage parents to discuss with their older children their preferences for guardian because some states allow youths ages 14 and over to request the court to appoint someone other than the person nominated in their parentžs will as guardian. The district judge decides on guardianship based on what is in the best interest of the child.
After parents have made their decision for guardian, they need to take time to discuss all financial and childcare issues with the guardian they have chosen. Asking someone to raise another personžs children can be an overwhelming request.
Some friends or relatives may not feel they cannot accept this responsibility as a guardian. If so, the parents should talk to their attorney for a recommendation of a backup guardian and conservator.
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