Personal Guardian for Minor Children One very important decision for you to make when creating a plan is to decide who would be the guardian of your minor children. When you write your first will, it is very possible that you still have minor children at home. While you may not have 11 children and face the challenge that confronted Shelly and Pat, this is still a very crucial and important decision. Your guardian will raise the children, teach them values, select the schools they attend and perform the functions of a parent. If you do not have a guardian selected in a will, a court may select a person. That person may not share your cultural background, your religion, your general world view, or any other aspects of the character that you think important for the person who raises your children. By selecting a guardian and an alternate in your will, you have a much better prospect of finding someone that you think is the right person to raise your children. Continue reading
How can you ensure that your child will remain well cared for and secure once others assume the role of guardian or caregiver? While creating a financial plan and establishing a specialized trust are central to preparing for your child’s future, special needs planners also advise families to write down their intentions and expectations in a document referred to as a Memorandum of Intent, also known as a “Letter of Intent.” This document can be used to describe your child’s health care and therapeutic needs, identify lifestyle preferences and provide contact information for doctors, therapists and teachers. It also can be used to convey insights into your child’s personality and history that future caregivers might not easily gain on their own. Continue reading
Think your documents are bulletproof? Check again to avoid these common mistakes. Continue reading
Published September 14, 2012
United Methodist Foundation for the Tennessee and Memphis Conferences
“My brother Pete and I own a ranch together,” said Joe to his advisor. “Our mother deeded the four sections of her ranch to us with right of survivorship. As a single person, I think that I will plan to leave 50% of my share to Pete and the other half to my favorite charity. Of course, if Pete dies, he is married and probably wants to leave his share to his spouse and children.”
Do Pete and Joe need to review their estate plans? Yes! These two rancher brothers held title as joint tenants with right of survivorship. If the single brother (Joe) were to pass away, Pete would inherit his brother’s half of the ranch. Even though Joe stated that half of his share should go to his favorite charity, nothing will be given to charity.