Choosing a guardian or trustee

 

Sometimes people beat you to the punch, and sometimes another can put into words what you want to say but does it a whole lot better. Regardless, we live in a world of sharing and transparency, so why not share ideas that you think are worthwhile? I think that is the business model for Twitter, but that’s an entirely different discussion.

Brad Jenkins, who is an advisor with Buckingham Asset Management in St. Louis, wrote a very good and concise article on appointing trustees and guardians. Like most people, my wife and I struggled over this question when we had our wills drafted several years ago. No one likes to think about the what-ifs, but unfortunately, what-ifs happen, and it’s better to think them through than not.

Jenkins’s article raises three very good points to think about when choosing a trustee or guardian. In a nutshell:

1.       Make sure you ask those you wish to appoint as either trustee or guardian if they are willing and able to take on the responsibility.

 

2.       Make sure you have a contingency plan in case someone is unwilling or unable to fill the role.

 

3.       Take the necessary time to discuss any provisions or restrictions you’d like your documents to include before consulting an attorney.

 

I always tell clients it is better to have something in place than nothing at all, and as Jenkins notes, you can always amend your legal documents. My wife and I have changed trustees and guardians several times over the years. People get divorced, your brother isn’t “the guy” you thought he was, or maybe the person you originally appointed has passed away. As with any insurance, it’s a good exercise to revisit these things every year to make sure you are covered, just in case.