Who will care for your children in the unlikely event that your death occurs while your children are still minors? This question can keep parents awake at night. Your brother Bob would be great at managing money on behalf of the children but the kids think he’s a cold fish. Your friend Sue is the kids’ beloved honorary aunt with whom they already spend considerable time. However, Sue is a confirmed shopaholic and can never seem to keep any money in the bank.
The good news is that Bob could be named as guardian of your children’s estate, the manager of the money, and Sue could be named as guardian of the person who is in charge of the children’s daily lives. The only caveat would be to make sure that both guardians can work together for the good of your children. It is also important to discuss your plan with all the parties involved including your children, depending upon their ages, to make sure your plan is acceptable to everyone.
Now that you’ve made this tough decision, how do you make sure your wishes are known and followed? The answer lies in effective estate planning. You may either name the guardians in your last will and testament or in a separate stand-alone document. Whichever method you choose, it is imperative that the adults involved know where you’ve placed these important documents so that they may be easily accessed in an emergency.
For more information about guardianships, please contact a qualified estate planning attorney.
May 7
