When creating your will, you’re forced to make important decisions. This includes deciding on a guardian for your minor children in the event something happens to you. If you have minor children, you’ll want to take extra care to make sure that they’re always loved and protected.

You need to make sure that you guardian selection is not only the best fit possible, but that the individual is able to handle all of the responsibilities associated with the job.

Consider the following example:

Michael has six-year-old daughter named Tammy. Michael decides to appoint his sister Susan as the guardian of Tammy in his will. He assumes that Susan would want to care for Tammy if something happens to him.

When Michael suddenly dies, Susan is left to care for Tammy.  Susan wants to care for her niece because she is family and she wants her to have a good life.  However, she can’t deal with the overwhelming responsibilities that go with the job.  Susan also has four children of her own, and one of her children has special needs.

What happens to Tammy?

You need to make sure that your guardian is willing and able to serve.  He or she should also be able to fully commit to all of the responsibilities after much thought and consideration.

Make sure that you think about how your guardian’s life will change with your decision.  You also want to make sure that your children will be in the best environment and that everyone is able to live a comfortable (and not overwhelmed) life.  (Life insurance may play a role in this as well.)

If you have any questions about choosing a guardian, or if you’re ready to create a will, consult with a qualified estate planning attorney.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

When creating your estate plan, you will need to appoint a guardian for the care of your minor child.  This will allow you to make sure that your child is always cared for, loved, and protected.  If you’re having trouble making this difficult decision, take a look at some of the information below.  This will help you carefully consider your options.  If you have any questions about choosing a guardian, or if you’re ready to discuss your estate planning needs, meet with an estate planning attorney.

Ask yourself the following…

• Will the guardian be able to provide the full level of care and support that your child deserves?
• Does he or she have the time needed to commit to all of the responsibilities of the job?
• Does your child feel loved and respected by this individual?
• Will your guardian love and care for your child as if your child were his or her own?
• Does your child have specific needs that must be met?
• Is your guardian in full understanding of the duties that may exist in the future?
• Do you completely trust this individual?
• Will this individual encourage relationships with extended family and family friends?
• Would your child have a similar life if he or she were raised by this guardian?
• Why are you considering this individual as a guardian for your child?
• Would your child approve of your decision?
• Why is this person better than any other potential individuals?

It’s important to really think abut this choice.  While you shouldn’t choose a guardian quickly, you definitely need to make the decision and get it in writing.  Be sure to name a back up guardian in case your primary guardian is unable or unwilling to serve, and get their permission before appointing them.

If you need help choosing a guardian, or if you’d like to begin your estate plan, consult with a qualified estate planning attorney.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

Sometimes parents of young children are very motivated to do their estate planning because they want to protect their children and make sure that they’re always provided for.  And, sometimes, parents of young children are overwhelmed by life and have trouble getting around to doing their estate planning.  No matter your life situation, there are 4 important estate planning actions parents of young children need to take.

• Name guardians in your wills

Meet with a qualified estate planning attorney and design your individualized, comprehensive estate plan.  Be sure to name guardians (and back up guardians) in your will.  You need to name guardians for your minor children’s person and property.

The guardians of the person take physical care of your children, making health care, educational, welfare, and life style decisions on their behalf.

The guardians of the property (or conservators) manage your children’s financial assets on your children’s behalf.

• Analyze your assets

Meet with a qualified estate planning attorney and a financial advisor to be sure that you have enough assets to pass to your minor children to raise them to adulthood.  If you don’t have enough assets, consider purchasing life insurance.

• Set up trust shares for your minor children in your revocable living trust

Minor children cannot inherit directly; someone else has to manage assets for them until they come of age.  Often, the best way to give and to receive an inheritance is in an asset protected trust.  This can protect the assets for your child’s entire lifetime so they can’t be taken by creditors or predators; but the assets are available to be used for your child’s benefit.

• Write an ethical will or family love letter

Be sure to write an ethical will or love letter to your children, no matter their age.  An ethical will is a love letter of sorts.  You can include whatever message you’d like.  Some parents jot down favorite memories and why they love their children.  You can include wisdom you’ve attained over the years, your wishes for the future, and any legacy that you’d like to pass to the next generation.

If you are parents of young children, be sure to consult with a qualified estate planning attorney.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

Many parents put off their need for an estate plan.  However, as a parent, it’s important to plan as soon as possible so that you and your family are protected throughout life. One of your most important decisions is the naming of a guardian.

Naming a good guardian ensures that your children will always be in good hands. Take a look at the example below to better understand this important estate planning need.  If you have any questions, or if you’d like to begin your estate plan, consult with a qualified estate planning attorney.

Example:

Joan is a single mother to her two children Samuel and Ryan.  She works hard to provide for her children as they continue to grow.

Joan always put off her estate planning because she was busy working and taking care of her children. Unfortunately, Joan was killed by a distracted driver while her children were still young.

Because she had no estate plan, her affairs will be determined in court. Her assets will be distributed based on her state’s laws. Because she hadn’t created a will to appoint a guardian for Samuel and Ryan, the court will be left to make this important decision.

The court decides to appoint Joan’s sister, Megan, as guardian. Little does the court know, Megan is an alcoholic.  With this decision, Samuel and Ryan will be forced to grow up in a toxic environment. They will also not get the level of care and attention that is needed.

Based on the facts before it, the court will make the best decision possible so that all children receive the good care and love. Unfortunately, it’s hard to the court to know every detail. This includes the history of a family member, personal problems, and family dynamics that may make an individual not fit to serve as a guardian.

Make sure that you take the time to create an estate plan so you are the one who makes the important decision of who will serve as guardian for your children.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.