I don’t want my child’s guardian to suffer financial hardship. What can I do?
A worry for most of my clients with young children is appointing a guardian to care for their minor children in the event of their demise. Once they have settled and agreed on a choice of guardian, a second worry is that the guardian they have appointed may not be able to afford to raise an additional one, two or even three children. A simple clause can be included in a young couple’s Last Wills to try and cover off this “worry”, such as:
“I should like my Trustees to ensure, to the extent that it is reasonably possible, keeping in mind the funds at their disposal and other relevant matters, that no guardian of any minor child of mine suffers any financial burden by reason of anything he or she may do in the course of this guardianship whether or not the act in question falls strictly within the scope of her duties as guardian. I express the hope (but without imposing any trust or binding obligation) that my Trustees will exercise any powers of maintenance and advancement or any similar powers which they may have, by statute or under my Will, in regard to my child in such a way as to ensure that no such burden or loss is suffered. I trust that the guardian will accept that it is my wish that these powers be exercised in that way.”
This is provided as information ONLY; it should NOT be construed as legal advice. For more information on estate planning/incapacity planning and to discuss your specific circumstances, please contact Vanessa DeDominicis at firstname.lastname@example.org or on 250-869-1140. Vanessa practices in the area of Wills and Estates at Pushor Mitchell LLP in Kelowna and would be more than happy to assist you.