Guardian healthcare liquidating trust
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.
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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.
In this role, they have the legal right to make most decisions for them including medical, school, sports, health, and treatment.
There are both permanent and temporary guardians (most common for parents that want to name a permanent guardian that lives or far away.) Obviously, this is a very important decision and parents creating last wills need to have a serious discussion of their children’s future.
This article should provide easy answers for parents (and others that are looking to care for minors) through an estate plan.
Wills generally name the children as beneficiaries, with the assets going to a testamentary trust—of which you are the grantor—if the assets are transferred before the child /children reach a certain age.
The trust is separate legal entity that is controlled by a trustee, who has fiduciary duties to the trust and children.
So how do your children and their assets get into the custody of your guardian and trustee?
Initially, perhaps the most important job here is that of the executor.
More specifically, each of questions can be answered and the goals can be accomplished through a last will and testament. When estate planning, parents of minor children need to decide who will get custody of their kids, this is called, most commonly, a guardian.