One of the common questions we get when working with parents on their estate plan to make sure their children are taken care of is this: “Can the same person be both the guardian and trustee in my Will?” The answer to that question is “Yes” but just because you can do something, does not mean you should.
As he explains in the video above, attorney Joel Beck recommends that his clients consider appointing different people to the roles of guardian and trustee. By having two people involved instead of one, you can spread the work around and minimize the load on any one person, and you can also build in greater accountability. For example, when you have two people involved instead of one, now both persons are looking out for the interest of your child or children, and can look to make sure that the other person is doing his or her job in the proper manner. This structure puts in place some natural checks and balances to help your children in the event that both parents have deceased, and you need to have a guardian over them and a trustee to manage the assets left behind. Again, you can appoint the same person to both roles, but in doing so you are placing more responsibility on that one person and also perhaps forfeiting some enhanced accountability that might otherwise arise by having two persons involved.
If you’ve got questions about your estate planning and ensuring that your child or children are planned for in the event of your death, contact The Beck Law Firm, LLC today to discuss your needs and goals.