2 Tips for Choosing a Property Guardian in Your Will

A guardian can be responsible for managing the financial affairs and property according to your will for the benefit of minor children or of adults who are adjudicated as mentally or developmentally incapacitated. If you don’t name a guardian in your will, a probate court will appoint one. Such a guardian is called a “guardian of estate” or “property guardian.” Here are 2 tips to help you choose the right one for your estate.

Tip # 1-Choose a Financially Competent Guardian

When leaving property in a will to be handled by a guardian, it’s important to choose someone who is financially competent. That doesn’t mean that the guardian needs to be a financial professional or an expert. She should be someone who demonstrates a basic understanding of the financial concepts relevant to the types of property that you’re leaving behind and the competence necessary to enlist the help of lawyers and other professionals when needed.

Tip # 2-Select Someone Who Demonstrates Good Money Management

The guardian you choose may be responsible for making and receiving payments, budgeting and handling other basic money management tasks. Don’t choose a friend or relative whom you know is a poor money manager. That person will end up squandering the money and property in the will.

The property in a will has to be managed properly to truly benefit your beneficiaries. Use these tips to make the right selection for a guardian.

 

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