Choosing a guardian and conservator for your minor or dependent child, whether you currently have children or not, will likely be one of the most difficult decisions you will make in completing your estate plan, and one of the most important. I have talked to families who either haven't even started the estate planning process because of this one decision that the parents cannot decide on, or have their estate plan done except for this one final decision to be made. It is a difficult decision, but one that needs to be made: they are your children, you should get to decide who will care for them in the case of a tragedy, not a judge. When choosing a guardian and conservator, there are many factors you should consider. One couple I know has no children yet, and it was still difficult for them to decide on who they would want to raise their future children if they were both out of the picture. When making this decision, it is important to considered many factors to determine who would raise your children like you would: who would keep your children involved with your extended families; who could provide for your children; who handles money well; who would bring them to church and instill similar religious views as you would; who would keep your children involved with similar activities as you would; who would instill a good work ethic in your children; would a family member or friend be better, and many other considerations. Once this couple decided, the first people they asked said "no thanks," reasoning that they had taken some time to think about it and were concerned that once they have their own children that they wouldn't be able to support more if the need arose. This couple finally ended up naming one of their parents (they are very young parents, in their early 50s) as the first guardians and conservators, followed by a cousin and her fiancé. In the end they were happy with their decision, but it was a difficult and time consuming one to make. Finally, many people are unclear as to the difference is between a guardian and a conservator. In Michigan, the court distinguishes between a person named to care for a child or dependent in making medical and housing decisions, the guardian, and the individual or company responsible for making decisions regarding assets and money, the conservator; each has important roles to play and duties to perform. The majority of the time, for convenience purposes, parents will name the same person as the guardian and conservator; the decision making for the child and the money decisions are in the same person(s). However, if you have a large estate that will be left to your children, it might be best to put the money in the hands of an institution that is better prepared to handle a complicated trust fund such as a bank or trust company. If you have minor or dependent children, or plan to in the near future, this is something that you need to decide on. Take some time to think it over and discuss it with your significant other...but not too much time! As Benjamin Franklin said, "you may delay, but time will not."
(Editor's Note: Attorney Jessica DesNoyers authored this post while working in Varnum's Grand Haven office. Jessica is currently with another firm.)