Ordinarily, a child’s surviving parent will automatically be the child’s guardian. However, it is necessary to make provision for circumstances in which both parents die at the same time.
There may also be instances in blended families where each Testator of a current couple may have different Guardianship appointments.
What are the powers and responsibilities of a guardian?
A guardian is responsible for the daily and long term care and welfare of your child and for making important lifestyle decisions on their behalf. The guardian must ensure that the child is adequately housed, clothed and educated. The guardianship of minor children is an important and often onerous task and the appointment should be thought through carefully.
You should discuss the appointment with your intended guardian and consider carefully whether:
• they are prepared to accept the responsibility
• they are of a similar age to you, and
• they understand your views on how you wish your children to be raised.
You may include in your Will (or in a separate Letters of Wishes) an outline of any specific factors you want your guardians to consider in the raising of your children.
A guardian does not have any control over, or power regarding, the assets of your estate or potential trust funds that are established for your children under your Will. The executor or trustee you nominate in your Will has this responsibility. While this separation of duties may act as an effective ‘check and balance’, it is important that the executor/trustee and guardian are able to communicate easily and work together in the best interests of your children.
Navigating the complexities of the real estate market can be a daunting task. This is where a local buyer's agent comes into play, offering invaluable expertise and guidance throughout the home buying process. This is where a local buyer's agent comes into play, offering invaluable expertise and guidance throughout the home buying process. By leveraging their in-depth knowledge of the local market, buyer’s agents can help clients make informed decisions, avoid common pitfalls, and ultimately secure the perfect property. Below are ten essential questions to consider when choosing a local buyer's agent, designed to help you understand their role, benefits, and how to select the right one for your needs.
An investment strategy is a documented plan that outlines how your SMSF will achieve its investment objectives while considering the fund's circumstances and the needs of its members. This strategy should guide your investment decisions and help ensure the fund is on track to meet its retirement goals.
A Self-Managed Super Fund (SMSF) offers an unparalleled level of control and flexibility for managing retirement savings. It is a type of superannuation fund in Australia that provides individuals with the ability to manage their own superannuation investments. Unlike retail or industry super funds, SMSFs offer complete control over investment decisions. This level of autonomy allows members to tailor their investment strategies to suit their personal financial goals and risk tolerance.
Managing an SMSF involves several responsibilities and regulatory requirements. Also, SMSFs offer a high degree of control and flexibility and come with significant responsibilities and risks.
While pure life insurance is straightforward, the other personal insurances may differ significantly from policy to policy. Definitions of diseases may vary. There may be a range of optional extras – some valuable, others more of a gimmick. With TPD insurance, you may have the choice of ‘own occupation’ or ‘any occupation’. Insurance companies vary in the speed with which they process claims, and beyond that is the question of which insurances should be held via a superannuation fund and which should be held directly.
