It is critically important for families- dual or single parent - to have prepared a legal document naming a guardian of any minor children. Failure to do so could result in the worst family and financial disaster you could imagine. Guardianship without advance planning could be appointed by the court to an ex spouse or family member that you would never want care of a minor child to be turned over to. At the same time, you should establish a trust to provide adequate funds for the minor child(ren) until they reach legal age or older (eg age 25). The trustee of the funds does not have to be the guardian of the child(ren). Don't leave this matter to family feuding or the courts! Work with a team of professionals to develop a comprehensive estate plan for your family.
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