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Naming your preference for a legal guardian of your children is a simple way to better protect your children if tragedy strikes. If one parent dies, the surviving one usually assumes sole custody of the children. But if both parents die, the children need a guardian. The Michigan Probate Code states that the Probate Judge will select a suitable guardian for the children. The Code states that certain persons have preferences. A high preference is given to the closest relatives, providing they are suitable. However, the highest preference is given to the person(s) that the parents nominate in their will(s). You may thus decide what's best for your children.
Choosing the right person to raise your children is a big and emotional step so don't be surprised if you and your spouse don't initially agree on the ideal choice. One way to help decide is to talk frankly with the prospective guardians. What they say could help you make a united decision you can both feel good about. Here are some thoughts to ask yourselves as you decide:
Is the person you're considering willing to take on the responsibility?
Does the prospective guardian share your moral beliefs?
Is the person the appropriate age? A guardian who is too young or too old might not be up to the task emotionally or physically.
Have your children formed a strong bond with the potential guardian? Will the potential guardian love your children?
Can the person afford to raise your children if you don't leave enough money for them in your will?
One way to ensure that your children would be taken care of financially in the event that you die prematurely is to set up a testatmentary trust. Such a trust is created in your will and does not have to be funded or administered in your lifetime. In the event that both parents die the trust comes into being. The trustee of the trust would use the funds as you direct in your will. The trustee would pay funds to your nominated guardian as the funds were necessary for your children. The trustee could be the same person as the guardian but often is not. Many parents select someone from the husband's family to be the guardian and someone from the wife's family to be the trustee, or vice versa. Life insurance could be used to fund the trust. In this fashion parents may secure their children's future without a great amount of current expense. This type of trust can be quite flexible and should be carefully crafted between you and your attorney. Final payments to the children can be delayed until they are in their twenties or even older.
Don't assume that the person you choose to raise your son or daughter has to be the person who handles the child's inheritance. You might conclude that the best person to stand in as a loving surrogate mother or father isn't the ideal person to handle the checkbook. This is true whether there is a trust for the children or not.
Some parents name a couple as joint guardians. Naming a couple has advantages (such as a stronger family unit and a built in back-up) and disadvantages (such as what if the couple divorces or disagrees on how your children should be raised).
I hope that some of your questions have been answered. Please don't hesitate to ask any questions about this topic
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