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July 2015 Moms
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Guardianship Question

sschwegesschwege member
in July 2015 Moms
A while back DH's brother and wife asked us to be legal guardians to their children if God forbid something should happen to them.  Of course we agreed.  Recently I was talking to my SIL and she was saying that they drew up their will and their life insurance money would be held in a trust until their child reached adulthood.  I'm a little confused by this because, shouldn't the money go to us to help us raise the children to adulthood and of course if there is money left over we give it to them?  That's the way we have it set up, all of our assets, plus our life insurance goes to the legal guardians.  Is it common for the legal guardians to not have access to life insurance? 
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Re: Guardianship Question

  • bim38106bim38106 member
    edited November 2014
    Did they work with a lawyer on this, or just draw something up online? My guess would be that there is different money allotted for raising the child(ren). The way we have ours set up, at least, is with x-amount for raising the child, with someone other than the guardians overseeing this and giving them more/less as needed. The remaining money/assets will be passed along to our kids with 25% of the total each at age 18, then the remaining amount 50% at age 25 and the last 50% at 30. I don't know any of the technical terms, just vaguely remember how we set it up ;)

    ETA: now that I typed that up, I don't think it's just a set amount for raising them... it's an amount deemed appropriate by the courts and the person overseeing the finances, working with the guardians to come to an agreement. Obviously you can't predict that with a set amount.. what would be given to the kids later is the remainder of what's left split between the 3 (or however many children).
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  • sschwegesschwege member
    CALEO said:
    No you don't just want to give the guardians the $. You want it put in trust for the benefit of your kids. Usually the guardians are the trustees and can spend it on necessary expenses. Whatever is left over is distributed to the kids when they are adults.
    So essentially the guardian or another named adult has access to the funds to put towards the needs of the children?  Perhaps I was understanding it wrong.  I thought she was saying that whatever life insurance money they have would go to their kids when they come of age.  So that's not correct, or probably not correct?
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