Yauch’s Guardianship Dilemma

As I have previously discussed, Adam Yauch, co-founder of the Beastie Boys prohibited the use of his artistic property in advertising in his will. While Yauch was absolutely certain about what should happen to his music, the same could not be said about who should take care of his daughter, Tenzin. This is a common problem that many parents face. In the will, Yauch’s wife Dechen and him decided that on the following compromise. 

If he died in a year with an even number, he appointed his parents, Noel and Frances Yauch, as the guardians, with his wife’s parents Sonam and Chuki Gangdu, as the back up if his own parents were unable to play that role. On the other hand, if he died in an odd-numbered year, the arrangement would be reversed, with her parents stepping in as guardians, and his serving as the backup.

It is important to take care of this aspect of estate planning because without it the courts would be left to decide who should take care of a person’s children. A guardian can only be appointed within a will. While this is important for all parents, unmarried couples need to pay closer attention because the rules affecting adoption are varied. Unmarried couples might want to consider consulting with an attorney. A person thinking about appointing a guardian might want to consider appointing more than one person, and establishing a testamentary trust for the children. If a parent does decide to create a trust, the parents might want to think about how the trust is structured to give money to the children. There are also a number of other factors that a parent might to consider, such as whether the child will have to move or whether it is a good idea to appoint an immediate family member. 

See Deborah L. Jacobs, Adam Yauch’s Will Reveals His Private Dilemma, Forbes, Aug. 10, 2012.