Guardian vs Trustee of Minor Children
To schedule an appointment, contact our law firm at 403-400-4092 or Chris@NeufeldLegal.com
When planning the future well-being of your minor children, should you die prior to their reaching the age of majority and being capable of managing their own financial affairs, it is important to recognize the distinct roles of a trustee and a guardian for minor children, as they serve different purposes. While the same person can be appointed to both roles, they address separate aspects of a child's life.
Guardian of a Minor Child
A guardian is responsible for the child's personal well-being and upbringing. This role is primarily about making non-financial decisions for the child. The key responsibilities of the guardian include:
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Physical, Psychological, and Emotional Development: Nurturing the child and ensuring their overall development.
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Daily Care: Providing food, clothing, and shelter.
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Major Decisions: Making significant choices about the child's life, including:
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Where the child lives.
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Their education (school choice, extracurricular activities).
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Their cultural, linguistic, religious, and spiritual upbringing.
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Consenting to medical and dental treatments.
Dealing with legal matters on the child's behalf. -
Making decisions about whether the child can work and what kind of work they can do.
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Trustee for a Minor Child
A trustee is responsible for managing a minor child's financial assets and property. This role is strictly about financial matters. The key responsibilities of the trustee include:
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Managing Assets: Handling any money, property, or other assets that the minor child owns or is entitled to.
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Investing Funds: Prudently investing the child's money to ensure it grows and is protected until they reach the age of majority.
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Paying Expenses: Using the trust funds to pay for the child's education, healthcare, or other needs, as specified in the trust document (like a will).
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Accounting: Keeping detailed financial records and providing a full accounting to the child when they reach the age of majority (18 years of age in Alberta).
It is important to make the appropriate decisions with respect to selecting the people that are to potentially serve as the guardian and/or trustee for your minor children, such that they have your trust and confidence, as well as having the capacity to undertake their role as the guardian / trustee for your minor children. It is also important to recognize that without having trustees and guardians set out in your will (with the guardians being named either in the will if it is a pour-over will or in a separate trust instrument), family members will need to petition the Court to be appointed the guardians and/or trustees for your children (which can involve considerably more time and cost, and may not necessarily be consistent with your own intention and is lacking in clear instructions from yourself), with the other alternative being that these matters will be assumed by the Office of the Public Guardian and Trustee, which is almost always no one's preference.
Contact our law firm today to learn how our legal team can help you plan for the future, which is of particular importance when you have minor children and you need to secure their future (including dealing with guardianship), or deal with the legal demands associated with the passing of a loved one. Contact our law firm at 403-400-4092 or via email at Chris@NeufeldLegal.com to schedule a confidential initial consultation.
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