Fratello & Fox, P.C.

516.496.0730

ATTORNEYS AT LAW

             What if your child or children were suddenly left without you and your spouse?  Parents with minor children are often concerned with the potential for such an event. 

 

             Most parents wish to name the individuals whom they feel are responsible enough to care for and manage the assets of their minor children.  New York State’s Domestic Relations Law allows a parent to appoint guardians for minor children by will.  This designation is subject to review and approval by the court.  In most cases, the court will follow your wishes.  Additionally, guardians are often required to seek court approval to manage a minor’s specific affairs.  If the parents of a child fail to name a guardian, the court could potentially appoint a guardian that the parents would not approve.

 

             Separate guardians may be named for your child’s “person” and “property”.  A guardian of the “person” would have custody of the child and would make medical and personal decisions.  A guardian of “property” is charged with protecting, preserving and managing a minor’s property (bank accounts, investments, homes, vehicles, etc.).

 

             In addition to naming guardians in their wills, some parents also choose to create a trust for their minor children in the will.  This type of trust is only in effect if the children are under an age designated in the will.  It is common for parents to draft their will so that the trust is in effect even after the date of majority (18 years in New York State).  Their heads often spin at the idea of their 18 year old child inheriting all of their assets without any supervision!  A trust can specify asset uses and at what age the child will receive all of the assets outright.

 

Dated: 10/2007

Have you named a guardian

for your minor children?

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