If you are a grandparent, there is one conversation you cannot avoid with your adult children:
Have they named a Guardian and Trustee for their minor children?
In the unlikely but horrifically tragic event where a parent passes too soon, this decision determines who will raise the children and who will manage any assets meant to support them. While no one can replace a parent, parents are best positioned to choose who can provide a safe, stable, and loving environment.
If these roles are not named, a court will decide—and anyone can petition. Courts don’t always get it right, and someone who appears qualified “on paper” may not be the right choice in reality.
A Guardian is responsible for day-to-day care.
A Trustee manages assets such as life insurance or inheritance. These roles can be the same person or different people. Parents should carefully choose primary and backup options, formalize them in a Will (and sometimes a Trust), and have conversations with those selected.
This type of plan typically costs $1,500–$2,500—a one-time investment that can remain in place for 10–20 years, providing lasting peace of mind.
