Should trustee and guardian be the same person?
Should trustee and guardian be the same person?
Your guardian and trustee can be the same person, which many people may want from a practical standpoint, Johnston says. After all, “if you trust your children’s lives with that person, typically you also should trust them with the finances.”
Can the executor and guardian be the same person?
The guardian must also work with the executor and trustee to ensure that any estate assets are properly managed and distributed to the children. While it may be possible for someone to serve as both guardian and trustee, an independent party acting as trustee can also oversee the guardian’s activities.
Who should your trustee be?
Most people choose either a friend or family member, a professional trustee such as a lawyer or an accountant, or a trust company or corporate trustee for this key role.
What is the role of a guardian in a trust?
The guardian’s role is to approve certain activities by a trustee or to approve any variations to the trust deed. A trust does not need to be created by a written document. However, almost all modern trusts (including a family trust) that are deliberately created are done so by way of a trust deed.
Can you really trust your family if they are not?
Sometimes somebody gets parents that aren’t trustworthy, though. If your parents are trustworthy, trust them. If they are not, you can either decide not to trust them, or to discuss their trustworthiness with them. Hopefully they will understand, and try harder to be trustworthy in the future.
What can a legal guardian do for a child?
The person designating the assets for the children to receive can draft a revocable living trust or create a trust within a will. The assets in the trust then pay for the child’s needs according to the terms of the trust. They may designate the money for summer camps, college tuition, or simply for the general care and feeding of the child.
Can a father register for guardianship of a child?
(Even though a father’s name may be registered on the child’s birth certificate, this does not give him any guardianship rights in respect of his child). On 18 January 2016 certain provisions of the Children and Family Relationships Act 2015 came into effect that made a number of changes to the Guardianship of Infants Act 1964.