Founder
When parents have children under the age of eighteen (18) it is essential that they make provision in their wills for the appointment of a guardian for their children. Such an appointment can not be made under the terms of a revocable trust. It must be made in a last will and testament. Even if it were possible to name a guardian under a trust document, it would be wise to do so under a will, since the will and the appointment of a guardianship is under the auspices of the courts and provides some independent supervision. Of course, the guardianship clause should specify that no bond is required of the guardian.
It is would also be helpful to permit the guardian, under the terms of one’s will, to reside in one’s home, if necessary, without having to pay rent. A parent might prefer this in any event, since it means the child’s life won’t be entirely upended and he/she can continue to attend the school that he/she is attending. Of course, the expenses of maintaining the home should be borne by the estate.
In addition to naming a guardian in one’s will, there should be included a provision that holds the monies of the children in a trust, until they reach a certain age. You need to separately name a trustee for this purpose. If you trust the guardian completely, you can name the guardian as trustee as well.