As parents, my wife and I have discussed who we would want taking care of our children if something were to happen to us, but like most people, we haven't actually taken the step of writing it down and letting the people we chose know how we would like our children raised. Here are 8 key steps you need to take when naming a guardian for your kids:
- If you designate another couple, make sure you consider what happens if that couple is no longer a couple. The contingencies you're planning for can happen to other people also - decide if you still want your children going to one of them if there is divorce or death.
- Identify short-term guardians. These are the people who will pick your kids up from school; someone your children will recognize and be comfortable around. The permanent guardians may be hours away. It is imperative to make sure that your children are not surrounded by strangers if something were to happen to you.
- Specifically list the people who you do not want caring for your children. This can be a confidential document that only sees the light of day if this person tries to gain custody of your children.
- Have a backup plan. In fact, have two backup plans. You never know what could happen - your first choice declines the responsibility; something happens to them as well. I recommend listing three potential guardians and then designating someone to make a determination if all three are unavailable.
- Get a life insurance policy. So that you can do the next step.
- Do not take money into account. With a Family Legacy Plan, your assets are designated to go toward the health, support and maintenance of your children. This way, your children do not become a financial burden for your guardians.
- Explore using a revocable living trust. It's private. It reduces the expense and stress for your family when dealing with your estate, and it can protect your children's inheritance from creditors, divorces, and even their own bad decisions.
- Put your guardianship plan in a separate, free-standing document. A will only works if you are dead. In the even you become incapacitated and unable to care for your children, then you want to make it as easy as possible for your designated guardians to assume their role. This means without getting the court involved.
It's not easy sitting down and taking these steps. The Family Legacy Planning practice group is ready to provide counsel and assistance in setting up a comprehensive guardian plan that can easily be incorporated into you Family Legacy Plan.
If you are interested in learning what else a Family Legacy Plan can do for you, then contact Bobby Sawyer at bobby@csjlawonline.com
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