H. WHO WILL RAISE MY CHILDREN?

Of even greater significance than the question of how property should be managed for the benefit of your children is the selection of those people who will assist in raising your children.  Obviously, it is difficult to select people other than you who would be most appropriate.  In most states, if your death occurs, and the natural parent is then living, that natural parent is provided preference in terms of being able to raise the children.  You may or may not be able to do anything about this preference, but if this is something that is of importance to you, you should carefully consider this issue with your estate planning counsel.

It is important to select the people that you believe will raise your children in a manner consistent with the ethical and personal guidelines you believe appropriate.  You should name not only initial parties, but alternates in case they are unwilling or unable to serve.  Grandparents are often an initial choice, but you should be cautious that they are willing, in view of the age difference, to undertake raising children.  Further, they may not be capable of undertaking the process of raising grandchildren if they are quite elderly.  This does not mean that they would not be an excellent choice if they are willing and able.

You may want to consider discussing with people that you would designate as guardians whether they would be willing and able to serve.  In some instances clients have made reciprocal arrangements with their friends so that they are each naming the other in their respective estate planning documents.

While the person that raises your child may be an appropriate person to manage your money for the child, in many instances the people who have the capability to raise the child most effectively may not have the best money management skills.  In those instances the guardian for the children may be different than the trustee who manages property for the children’s ultimate benefit.  See discussion of "How Do I Provide for Children or Others With Problems Dealing With Money."