Yes! In your will you may nominate a guardian for the children and conservator of the assets. Guardianship provides for the children's care until they reach maturity.
Conservatorship provides for management and distribution of the money and property left to children until they reach the age of maturity. One person can perform both functions, or you may name one individual as the guardian and another as the conservator.
Montana law requires that every guardian and conservator complete an "Acknowledgement of Fiduciary Relationship and Obligations." The form is available online at the MSU Extension Office website.
Some parents choose to leave the money and property to the children in a trust. A trust document states how you wish the money to be spent, who should be the trustee, and when the trust should terminate. One advantage of a trust is that it can terminate at any age you indicate in the trust document. That age could be well in excess of the age of majority, which is currently 18 in Montana. The trustee, named in a trust document, has the responsibility of writing out the checks for the children’s living expenses, education, and other costs.
You could nominate a trusted family friend or relative who has money management experience, a bank, or a trust company as trustee. Further, you could nominate co-trustees. Sometimes parents nominate one person to be the children’s guardian and then a friend or relative with money management experience to be the conservator. The trustee or co-trustees can make distributions to the children without court approval up to the limits outlined in the trust.
Selecting the right person may be the most difficult part of setting up a guardianship. Consider choosing someone whose values, lifestyle, and child-rearing beliefs are similar to yours. If you choose a couple and they should later divorce, be sure to review your guardianship preference. If you favor a single person who has a close relationship with the children, and you feel comfortable with his or her lifestyle, this could be a good choice, too. Older children should be consulted, because those 14 and over can legally ask the court to appoint someone else as their guardian.
Lawyers recommend that you also name a backup guardian in case circumstances prevent your first choice from carrying out the obligation after your death.
Once you make your decision, take time to discuss freely all financial and child care arrangements with the guardian or conservator you have chosen. Asking someone to raise your children may be an overwhelming request. Don’t expect an immediate answer. Some people may not feel they can accept the added responsibility. You may have to ask someone else.
Don’t hesitate to reevaluate your choice periodically, especially if personal and financial situations change for either you or the designated guardian or conservator. If you decide to change to another conservator, inform your current nominee and prepare either a new will or add a codicil (amendment) to your present will.