Minnesota Guardian vs. Conservator: How to Protect Your Children in Your Estate Plan
If you’re a parent, thinking about what happens if you’re not around is maybe one of the toughest topics to tackle. However, it’s still necessary to think about. Most parents know they need to name a legal guardian to care for their children in case the unthinkable happens, but they might not know that in Minnesota, the role of who cares for your children is broken down into two different legal roles: guardian and conservator.
Knowing the difference as you make your estate plans ensures your sweet children are loved, supported, and financially secure without unnecessary court headaches.
The Guardian in Minnesota: In Charge of Hugs, Homework, and Healthcare
A guardian is the person who steps into your shoes as a parent. Under Minnesota law, a guardian has physical custody and makes day-to-day parenting decisions.
Think about your best friend, Shawn. He shares your parenting values, lives in a great school district, and has a caring relationship with your kids. As guardian, Shawn would decide where the kids live, what doctor they see, which school they attend, and how to enforce bedtime. However, he wouldn’t manage a large inheritance, real estate, or life insurance payouts.
The Conservator in Minnesota: In Charge of the Piggy Bank
A conservator manages the financial assets left to a minor child under Minnesota law. Because children under 18 can’t legally own or manage significant financial assets or real property in Minnesota, someone adult-sized has to do it for them.
Imagine your sister, Aunt Tasha. She’s a sensible accountant who is great with investments, but she lives in a small downtown apartment and works 60 hours a week. She might not be the right fit for raising your small kids full-time, but she’s the perfect person to protect their inheritance, pay their tuition, and file annual reports with the judicial system.
Should You Pick One Person or Two?
This isn’t a one-size-fits-all situation. You can choose one person for both roles or split them between the Shawns and Tashas in your life. Choosing one person is best if you have a rockstar relative or lifelong friend who excels at managing finances and handling parenting decisions. You might opt for splitting the roles if you want to create a natural system of checks and balances. Shawn can focus on raising happy, healthy kids while Aunt Tasha handles the bank accounts and releases funds for summer bagpipe camp and badminton equipment.
A Smart Minnesota Alternative: Living Trusts
If court filings and rigid annual accounting sounds like a hassle for your loved ones, there’s good news! Setting up a revocable living trust lets you name a trustee to manage money for your kids privately, completely skipping the need for a court-appointed conservator.
Don’t Let Minnesota Probate Court Decide
If you don’t name a guardian or conservator in a legal Minnesota will or trust, a judge will have to name one for you. Taking a little bit of time now means your precious kids stay with the people you trust the most.
If you’re ready to protect your family’s future and name a guardian and conservator, schedule a free consultation with an experienced Minnesota estate planning attorney at Miroslavich Law today. We promise to make the experience simple, comfortable, and tailored to your family’s needs.