Lancaster - Palmdale - Ridgecrest - Guardianship of Minors
Guardians of the property or the person of a minor are appointed in probate court proceedings similar to those involving conservatorships, but apply only to persons under 18 years of age. For more information about guardianship proceedings, or how to avoid the need for a court-appointed guardian through estate planning strategies, contact the Antelope Valley guardianship attorneys at Thompson Von Tungeln, A P.C., in Lancaster.
Probate court guardianship proceedings are required by law in situations where a minor's parents or existing guardians die, or when the child receives in his or her own name an inheritance or other assets valued at $5,000 or more. Because of the expense of obtaining the order of guardianship and the annual accounting duties, the cost of administering the guardianship can seriously deplete the value of the assets held in the minor's name.
The need to provide appropriate care for the child and their assets through guardianship can be avoided with a will or trust. A last will and testament can designate guardians for minor children and their property. Parental responsibilities normally should be entrusted to a close relative.
As an alternative to guardianship, designating a successor trustee in a revocable living trust typically is a better option than giving an 18-year-old full control of his or her inheritance. Under a living trust that holds and manages the assets for the young person to age 25 (or beyond), he or she will have the chance to complete an education and acquire maturity prior to coming into a substantial estate.
Contact the Lancaster estate planning law firm of Thompson Von Tungeln, A P.C. for more information from an experienced lawyer about planning for the care and financial security of minors through custom estate plans.