Estate Law Questions? Ask an Estate Lawyer.
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If I were your attorney, I would suggest building a minor's trust into your wills so that during the probate process, the home and other property that they will own will be transferred to trust for a trustee to hold for their benefit during the trust terms (until they reach 18, 25 or whatever age you want. This allows much more flexibility than a guardianship because no annual reports to court are due, no special permissions for court are necessary for expenditures, you can protect the property from your children past the age of eighteen (at which time they would usually spend it all due to lack of maturity), etc.
Building a minor's trust is not simple and not something you can do yourself. You need an experienced estate/trust attorney to assist you with drafting your wills in a manner appropriate to accomplish the minor's trust with all the provisions that meet all your goals.
Our wills do contain a trust clause for the care of any minor children. Is that the same as what you are talking about?
Yes, it is if the home will be transferred to the trust via the terms of the will along with any other property that you want held in trust under the trust terms.
Terrific. Thank you so much.
You're very welcome. Have a great day!