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Guardianship proceedings are expensive however, the property of a decedent will
and uncertain, and there is no guarantee be split 50% to the surviving spouse, and
that the outcome will be that which you 50% to the children who have survived
would have desired if you were able to the deceased spouse. In the event those
speak for yourself. As with all aspects children are minors, the Surrogate’s Court
of estate planning, it is best to think of will appoint a guardian an item for the
these issues and make the decisions for children, and the property will be held
yourself, or you may find the state making in trust for the children until they reach
them for you. the age of majority, and the property will
then be distributed to the children.
Last Will and Testament
The most important and ubiquitous The problems here are two fold - first, the
document that is a necessary part of any surviving parent will not have access to
estate plan is the last will and testament. the funds in a time of uncertain financial
This document will serve many important circumstances (unless the children give
purposes, including providing for how the funds up upon reaching the age
your assets should be disposed of at your of majority); and second, the children
death, choosing fiduciaries to administer will receive the entirety of such funds
your estate (and any trusts created immediately upon reaching the age of
thereby), and selecting guardians for any majority. Even if the children are adults,
minor children. In the absence of a last in the event there are any issues between
will and testament, the laws of intestacy the surviving parent and the children,
of the State of New York will apply. the children may refuse to waive their
This can lead to numerous problems. rights to inherit, and thereby deprive the
Perhaps the most frequent issue that surviving parent of financial support in
arises in such a case is the conflict of a their hours of greatest need.
parent and child. Many couples expect
or desire that their surviving spouse will Another important purpose of a will is
inherit their entire estate. Without a will, the ability to create trusts for the benefit
of your loved ones. These trusts can
Page 34 - St. James Funeral Home, Inc.
