Estate Planning for Parents with Minor Children
“I don’t need to do estate planning, I don’t have millions of dollars!” “I’ll get to it when I’m older or if I get ill, I’m healthy and don’t need to think about it now.” “My family gets along. If something happens to me, they won’t fight and end up in court.” These are some examples of things we hear from clients all the time at Wakefield Law. Unfortunately, since this is one of the areas in which we specialize, we see the other side of things and how families and finances can go sideways after death or incapacity. Planning for the future responsibly is not tied to having a certain value of assets or impending illness. Making plans for the “God-Forbids” is the most loving thing you can do for those close to you. It involves some difficult decisions, particularly when it comes to the well-being of minor children, but it’s one of the only ways you can take unnecessary suffering from your loved ones if you’re not around anymore. With our clients, we always stress that one of the most crucial steps you can take as a parent is to designate guardianship for your children in the event that you are no longer able to care for them. This blog post will explore the importance of both permanent and temporary guardianship and highlight the need for a comprehensive estate plan to ensure your children’s needs are met immediately and efficiently.
Understanding Permanent and Temporary Guardianship
Permanent Guardianship: This is a long-term arrangement where a designated individual or couple is given the legal responsibility to care for your children until they reach adulthood. It involves not only providing for the children's daily needs but also making significant life decisions regarding their education, health, and overall welfare.
Temporary Guardianship: Sometimes, the permanent guardian may not be immediately available when the need arises. In such cases, it is essential to have a temporary guardianship arrangement in place. This ensures that your children have someone to care for them in the interim period, preventing them from being placed in foster care or experiencing unnecessary disruption in their lives. Temporary guardianship provides a seamless transition and maintains stability for your children during a challenging time.
The Critical Role of Estate Planning
Designating guardianship is only one part of the equation. It is equally important to set up your estate plan efficiently to provide immediate access to funds and clear instructions for the guardians. Here’s why:
Immediate Access to Funds: Guardians need financial resources to provide for your children’s needs right away. By setting up a trust or other financial arrangements, you ensure that funds are available without delay. This helps cover expenses such as housing, food, education, and healthcare, allowing the guardians to focus on caring for your children rather than worrying about financial constraints.
Clear Instructions: As a part of the estate planning process, we always recommend clients should include detailed instructions and have conversations with the chosen guardians regarding how they want their children to be raised. This might cover aspects such as their education, values-related upbringing, extracurricular activities, and even travel preferences. Providing clear guidance helps guardians make decisions that align with your values and wishes, ensuring your children’s lives proceed as smoothly as possible.
Legal Authority: Without a comprehensive estate plan, guardians might face legal hurdles in accessing your assets or making certain decisions for your children. Proper estate planning gives them the legal authority they need to act in the best interests of your children without unnecessary legal battles or delays. The last thing we ever want to do is to create a custody battle when we pass away, and making your decisions carefully is the best way to avoid unnecessary conflict.
Peace of Mind: Knowing that you have taken these steps can provide significant peace of mind. You can rest assured that, should the unthinkable happen, your children will be cared for by individuals you trust and that their financial needs will be met without bureaucratic obstacles and family strife.
Steps to Take Now
Consult with an Estate Planning Attorney: An experienced attorney can help you understand your options and ensure that all legal documents are properly prepared and executed. This includes wills, trusts, and guardianship designations.
Choose the Right Guardians: Carefully consider who you want to designate as permanent and temporary guardians. Discuss your decision with them to ensure they are willing and able to take on this responsibility. We always tell clients that the fear of hurting someone’s feelings should never come into the equation when designating guardians. However, sharing your choices with your loved ones is often a good plan to explain to those who were not designated that they are still loved and valued.
Create a Comprehensive Estate Plan: Work with your attorney to set up a plan that includes financial provisions for your children’s care, detailed instructions for their upbringing, and legal authorizations for the guardians.
Review and Update Regularly: Life circumstances change, and it’s important to review your guardianship designations and estate plan regularly to ensure they still reflect your wishes and your children's best interests.
Designating guardianship and creating a thorough estate plan are acts of love and foresight. They ensure that, no matter what happens, your children will be cared for in a manner that aligns with your wishes and provides them with stability and security. At Wakefield Law, we are here to help guide you through this critical process and provide the legal expertise you need to protect your family's future. Contact us today to schedule a consultation and take the first step in safeguarding your children’s well-being – 7037719740.