What is the difference between trustee and guardian

When estate planning , parents of minor children need to decide who will get custody of their kids, this is called, most commonly, a guardian. The individuals named as guardians will take legal guardianship of minor children. There are both permanent and temporary guardians most common for parents that want to name a permanent guardian that lives or far away.

The trust is separate legal entity that is controlled by a trustee, who has fiduciary duties to the trust and children. Basically, the trustee takes care of the child's assets for the benefit of the child. As with guardianship , there should be a consistent order in naming trustees.

Familial relationships and cooperation should be strongly considered. If there is no good choice, a corporate trustee , such as a bank, may be an option. So how do your children and their assets get into the custody of your guardian and trustee? Initially, perhaps the most important job here is that of the executor. Depending on your state, this role can be referred to as the executor of the estate , executor of the will, personal representative or by other names, but the concept is the same.

Generally, the secondary executors for a husband and wife are different, because naming in-laws can have some unintended consequences. While each role is very different, the roles are important as they each achieve the goals set forth above, namely making sure your children are taken care of in the event that you are not around.

LegalZoom can help you create a will online, if you don't have one in place. Get started by answering a few simple questions. We pay our respects to Elders past, present and emerging. Text size. Wills — A Will is a legal document that sets out your wishes regarding the distribution of your assets after you die.

The drafting of a Will is a specialised and often complex task, and it's advisable to have it professionally drafted to ensure it is in accordance with legal requirements. What type of family unit do you want? Johnston notes that some parents might be totally fine with having their kids raised by a single person, while others may prefer a dual-parent household. Do they have children of their own? On the other hand, would they have the capacity to care for your kids in addition to their own?

Are they financially secure? Financial wellness can be just as important as physical wellness, so you want to look for someone who appears to be managing their finances responsibly.

Are they willing and able to assume the role? Should the unthinkable occur, upon your death, the guardian will assume responsibility for your children, including, among other things, addressing their material, educational, and heath care needs until they reach 18 years of age. Typically, in the case of a married couple, each spouse will designate the other as the Testamentary Guardian.

This is also fairly common with divorced couples. The important point is to make sure that you designate a guardian for your minor children. Should you neglect to do so, that responsibility will fall to the courts that have no record of your wishes and no familiarity with your children, family, and friends. The guardian will be responsible for interacting with the Executor and with the Trustee s if any Trusts were established for the children to help ensure that all estate assets legally due the children and all assets managed by the Trustee s are properly handled and distributed.