Our Weekly Tip: Update Your Legal Will to Include Minors and Dependent Adults

Credit: www.uua.org

Tip of the Week: If you have another person in your care such as a child or dependent adult (such as an eldery or otherwise incapacitated person), you may wish to update your legal will to reflect this.

If the guardian(s) of a child under the age of 18 dies without nominating an alternative guardian, the court will appoint someone to take on that role, which includes physical custody and all decision-making regarding how the child is raised. If a minor has assets, such as inherited property that was left to them in in a trust, a trustee is responsible for managing those assets until the minor reaches the age of 18. If there is no trust, the court will likely appoint a “guardian of the estate.”

If someone who was caring for an elderly parent or sibling or otherwise dependent adult (such as a disabled child) dies, the dependent’s care falls to an agent or trustee, if the dependent has a general durable power of attorney or a living trust. If not, the court may designate a conservatorship — a person who is legally responsible for managing the incapacitated adult’s physical care and financial matters.

How-to Suggestion: If you have minors or dependent adults under your care, ensure that your legal will includes provisions for them. In this way you avoid allowing the court to make judgements about what is in their best interests, should you die. This is particularly relevant for people who are new parents or caring for elderly or otherwise incapacitated relatives. For more information, consult and attorney, and check out the Seven Ponds After Death Planning Guide.