Often times, parents with young children disagree over who should be appointed as guardian of their children should something happen to the parents. The husband wants someone in his family to serve in that role, and the wife wants someone in her family. There is no need to fight about it. You can compromise. In this case, you can actually learn a valuable estate planning lesson from a member of the Beastie Boys.
Adam Yauch, better known as MCA, passed away in May 2012, leaving behind a wife and young daughter. One of the more unique aspects of his Will has recently come to light. The Will directs that if he passes away in an even-numbered year, then his parents should be the guardians of his daughter. His wife’s parents would be back-ups if his parents could not serve in the role. The roles were to be reversed, if Yauch passed away in an odd-numbered year. It’s a simple solution to a common problem.
There might be different ways that you can compromise with your spouse about who should be your childrens’ guardian. Talk to an estate planning attorney about the different possibilities.
Stephen A. Mendel, Estate Planning Attorney
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