This originally aired on the Catholic Faith Network’s show CFN Live: https://youtu.be/N5xOyg33e80 What happens to…
A minor child is an individual who is under eighteen (18) years of age, who is not married, and who is not in military service. When you have a minor child, it is essential that you nominate a guardian of the person and property for your minor child as part of your comprehensive estate plan. Guardianships for minors can be accomplished by nominating a guardian for your minor child in your Last Will and Testament as well as nominating a standby guardian for your minor child in a document called the Designation of Standby Guardian pursuant to Surrogate’s Court Procedure Act § 1726.
A guardian of the person is able to make decisions regarding the personal needs of the minor. This includes decisions on where the minor resides, healthcare, and education. In the event that your minor child’s other biological or adoptive parent survives you, then he or she will be your child’s natural guardian of the person. However, in the event that both parents are deceased, then a court will need to appoint a guardian of the person for your minor child.
A guardian of the property is able to make financial decisions for the minor, such as safeguarding the assets of the minor until the minor turns eighteen (18). In New York, if a minor receives money over ten thousand dollars ($10,000.00), a guardian of the property will need to be appointed for the minor, regardless of whether there is a biological or adoptive parent available.
Nominating a guardian and standby guardian for your minor child can be a daunting task. You should seek counsel with any questions regarding nominating a guardian and successor guardian for your minor child as well as possible ways to avoid having a guardian of the property appointed for your minor child.
We at Russo Law Group, P.C. are committed to helping you and your loved ones handle Estate Planning, Elder Law, Special Needs Planning, and Guardianship Matters. We welcome you to contact our Garden City, Lido Beach, Islandia, or Manhattan offices to learn more about how we can help address your guardianship concerns.