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"How To Take Care Of Your Minor Children With Your Last Will And Testament"
Section 5: "How To Take Care Of Your Minor Children With Your Last Will And Testament"
If you have minor children, you need to make provisions for their care, maintenance, and education in your Last Will And Testament. This is done by doing three things:
1. First, you need to name a "Testamentary Guardian". This is the person who will have custody of your minor child(ren) and will make decisions as to their care, health treatment, education, etc. Unless, the person you name as Testamentary Guardian is truly unfit, Courts will follow your wishes and give custody of your minor children to the person you name in your Will.
2. Second, because minors cannot hold property and take care of property, you need to name a "Trustee" who will hold the property until your minor child reaches a certain age. The Trustee can be the same person as the Testamentary Guardian or the Trustee can be a different person. Some folks like having two separate persons, one as Testamentary Guardian and one as Trustee, because it provides some check and balances. Some people prefer to have one person serve as both Testamentary Guardian and Trustee. It's up to you.
3. Third, you need to set up, at least, a simple trust that says what your Trustee is supposed to do and says when your child(ren) is to receive the balance of the trust. Generally, a trust gives the Trustee the power and authority to use the property that you leave to a minor child for the care, education, and maintenance of the minor child(ren) as the Trustee deems necessary or appropriate. In other words, if the Trustee believes that the property should be used for a certain medical treatment of the minor child(ren), then the Trustee could use the property for that treatment.
This ebook is for general information only and may not be applicable to your situation. Talk with a lawyer licensed in your state.
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