Guardian healthcare liquidating trust
If there is no good choice, a corporate trustee, such as a bank, may be an option.How Does Guardianship Pass And How Are Assets Transferred?Many states require a periodic update to the court on the children’s assets.Basically, the trustee takes care of the child's assets for the benefit of the child.Either way, it’s each family’s personal decision about who should be named.Familial relationships and cooperation should be strongly considered.When you create your will as part of your estate plan, you are making sure your last wishes will be carried out.All that careful planning and thought could be for naught, though, if someone successfully contests your will.
There are two schools of thought about naming trustees: (1) some believe it's good to have the guardian also serve as the trustee, as the guardian will have knowledge of the children’s day-to-day needs—this may not be the best case where the guardian is not good with money or has financial problems (2) some also believe that having a separate trustee will provide some oversight and balance to how the children are raised. Under the law, only parents have this right and if there is no parent someone needs to be appointed the Guardian. Technically, a Court can appoint anyone in the best interests of the child as the Guardian.