Article: How Wrongful Death Statutes Can Kill an Estate Plan: Part 2

Noel Brock (Eastern Michigan University) recently published, How Wrongful Death Statutes Can Kill an Estate Plan: Part 2, 2024. Provided below is an Abstract:

A study of considerations for minor beneficiaries and guardian choice, and suggestions for statutory change. This article is a continuation of Part 1 of the article, which appeared in last month's issue. A Not-So-Perfect Solution: Bifurcated Guardianship *1 As mentioned in Part 1, parents facing the daunting task of deciding who to name as guardian of their minor child(ren) upon their death or disability inevitably (and rightfully so) focus on the nurturing aspects of guardianship. They ponder 'who has my values and will teach my child the things I would have taught my child,' 'who do I trust to be stable and patient enough to raise my child,' 'who has the resources to assume financial responsibility for my child, ' and so on. These are all qualities that a guardian of a minor child's person would hopefully need to possess. What many parents and, in the authors' experience, even many practicing lawyers and State court judges do not realize is that all States and the District of Columbia allow for the appointment of at least two guardians for minor children: (1) a guardianship affecting personal interests, known as a guardianship of the person (a custodial guardian), and (2) a guardianship affecting property interests, known as a guardianship of the estate (a financial guardian).