Ideally, you’ll be more than capable of caring for your children until they become adults and move out on their own. However, many parents just assume that this will happen, and that can be dangerous. It means that they do not do the proper planning to make sure they know what will happen to their children if they aren’t there to care for them.
Designating a guardian for your children in your estate plans is an essential step for any parent.
Picking a guardian for your children
A guardian is someone who has the legal power to care for your child and make decisions for them if you’re no longer able to do so.
When you pick a guardian, you agree to transfer that power to them under specific circumstances. The most common consideration is if you pass away unexpectedly — in a car accident, for example — while your children are still young. There are other cases that may arise, though, such as if you should suffer an injury that leaves you incapacitated. Your chosen guardian would also be expected to take custody of your child, provide them with a place to live, make medical decisions for them and decide where they’ll go to school.
With all that in mind, it’s important to choose a guardian for your child who shares your same values and beliefs. Ideally, you will pick someone who already has a close relationship with your children and cares for them deeply.
Put your children first
Doing your estate planning is one way that you can put your children first. The best way to understand your options is to speak with an experienced attorney.