Parents of minor children need to designate a guardian in their estate planning.
Children are wonderful.
Whether snuggly babies, curious toddlers, or adventurous adolescents, children make life more fun.
For parents, the joy they bring coexists with the weight of responsibility to provide for and rear the children to adulthood.
To prevent their children's future from being derailed after a terrible crisis, parents must prioritize estate and financial planning.
In addition to last wills and trusts, parents must nominate a guardian for their minor children.
Failing to take this step means a judge, whom you likely do not know, decides who would rear your minor children if orphaned.
Although judges often try to consider family dynamics when making this choice, they may select someone you and your spouse would never have considered.
Ever.
Yikes!
When you make nominating guardians a priority, you can rest assured that your children's future will not be left to chance.
Parents must designate a guardian for their minor children within their estate plans.
While parents should not delay naming a guardian for their children, they should not rush the choice either.
Rather, the choice of a guardian should be made thoughtfully, with consideration given to various factors.
What are these critical variables?
Guardians should be capable of caring for the emotional and daily needs of the children.
The individuals you select will be taking on the responsibility of parenting your children in your stead.
You should consider the parenting style of your potential guardian candidates, their values, and their relationships with your children.
It is also essential to consider the age of these candidates.
While grandparents may have wonderful relationships with grandchildren, their age and ability may make them ill-suited for the role of guardian.
The cost of rearing children to adulthood is high.
Although guardians need not be rich, they may not be capable of supporting the financial needs of growing children.
Nor should they be expected to do so.
In fact, parent should provide financial support for rearing their children through the use of trusts and life insurance in estate planning.
Parents should consider where a guardian lives.
If your options for guardians live far away, a significant move could add disruption to the lives of your children in an already challenging time.
You should also consider how lifestyle factors like family dynamics, religious beliefs, and work commitments will impact your children and the guardians.
After you have chosen your desired guardian, you must make it legally binding.
In most states, you must nominate your guardian in your last will for it to have legal standing in court.
Failing to properly document your wishes will result in the court making decisions on your behalf.
Should your first guardian candidate be unwilling or unable to serve in the role, you would nominate an alternate in your last will.
Before making the choice legally binding, you will need to discuss your wishes with the possible guardian.
It will be better for them to understand your wishes and expectations in advance.
You can also discuss the practical matters like education, long-term goals, and healthcare for minor children.
Better yet, provide a "Letter of Instructions" that you can update from time to time, covering a wide range of guidance.
In our estate plans, we refer to the potential existence of such a letter and "incorporate it by reference" as part of the last will.
Although the guardian will provide emotional and relational support to your children when you cannot, you should provide financially through estate planning.
Creating trusts and appointing trustees to manage the inheritance on behalf of your minor children allows guardians to focus their attention on caregiving.
Although the trustee and guardian could be the same, sometimes dividing the roles provides greater accountability while minimizing the chances of conflicts.
Because life circumstances change, you will need to review and update your estate plan regularly.
Guardians may no longer be a good fit for the role due to health issues, career changes, or moving.
For these reasons, it is important to review your plan every few years.
Nominating a guardian for your children requires a careful assessment of your goals and needs.
The choice is personal, as it will shape your family for generations if something happens to you.
To prepare legally and financially, you should work with an experienced estate planning attorney to create a comprehensive plan using last wills, trusts, and powers of attorney to support the future well-being of your children.
If you do not yet have a plan in place, request a consultation with Harvest Law KC.
We are here to help.
Choosing a guardian should be done with careful consideration of emotional support, situational stability, and shared values.
Parents can financially support guardians in rearing their minor children through the use of trusts or life insurance policies.
For a guardian to be recognized legally in most states, that individual must be formally nominated in your last will and testament.
Regularly reviewing and updating the plan as life circumstances change will help you to promote the future security of your minor children.
You cannot put a price tag on the peace of mind you will enjoy.
This post is for informational purposes only and does not provide legal advice. You should consult an attorney for advice on any specific issue or problem. Nothing herein creates an attorney-client relationship between Harvest Law KC and the reader.
Reference: BabyCenter “How to choose a guardian for your child”
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