Archive for Question of the week
Can I Name Separate Guardians For My Children?
Posted by: | CommentsAbsolutely. The easiest part is setting it up legally (naming guardians). The toughest part – and the biggest hindrance to parents to get it done – is WHO to name.
If you are divorced and have children from a previous marriage plus have children together – or any number of scenarios that might make you want to set up different guardians for your children, then, that can be done.
Now… do the tough part; name who you want and then, call me to get the easy part done! You’ll be glad you did!
Should you name your kids as Co-Trustees
Posted by: | CommentsShould I name my kids as co-trustees?
My clients often ask me if they should name their children as co-trustees. Should this be done in your living trust?
Answer: Naming your kids as co-trustees means that they must act together. If down the road they can’t agree or cooperate in making decisions then there is a deadlock. Absent some way of resolving a deadlock in the trust agreement, eventually this trust will end up in a court dispute between the two co-trustees. Examples of a dispute are where one child want to sell real estate and the other doesn’t. This often occurs where one of the children is still residing in the property.
The court may try to resolve the dispute between the two children, or alternatively may decide that the kids just can’t get along and appoint an independent third party to act as trustee.
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