All rights reserved. John F. Thomasset, CLU, ChFC, is an Investment Advisory Associate with EQ Financial Consultants, Inc., and an agent of The Equitable Life Assurance Society in Los Angeles. He is Director of the Professional Advisors Group and specializes in estate planning. E state planning is the process of planning the accumulation, conservation, and distribution of an estate in the manner that most efficiently and effectively accomplishes a person s tax and non-tax objectives.
Planners tend to focus on the financial aspects and often tend to overlook the nonfinancial aspects.
But when minor or special needs children are involved, the nonfinancial aspects are critical. This question should be asked of dual and single parents alike. If no provisions have been made beforehand and neither parent is living, the court will appoint a guardian to look after the children and manage their finances until they reach age 18. A far better solution is for parents to decide on a guardian in advance and name the guardian in their wills. The court will usually appoint the person designated by the parents as guardian unless, in their view, it is not in the best interest of the child.