Most estate planners nominate their parents, a brother, a sister or a friend as guardians.
In respect of parents their age is normally an important consideration.
The guardians are the persons with whom the children grow up and who will take important decisions in respect of the children, such as which school the children should attend. The guardians must be distinguished from the trustees, who are tasked with managing the trust assets and use the income and if necessary the capital of the trust for the benefit of the children. The guardians and the trustees can, but do not have to be the same persons. Sometimes an estate planner will nominate someone, who is proficient with financial management, as trustee and another person, who will properly look after the children’s daily needs, as guardian.
It is, at the end of the day, a personal choice, which every estate planner must make.