As a parent, my daughter is my most cherished treasure and my main concern is making sure she is protected. So what would happen if you and the other parent were not here to care for your young children? The first consideration is to make sure you have a comprehensive estate plan and that your estate plan is kept up to date. Where there are minor children, one of the most important functions of an estate plan is to name a guardian for your children. This is crucial for a parent having children. If you fail to name someone to act as guardian, the court will appoint one. Since the court doesn’t know your children like you do, the person selected may not be ideal. Your children should never be placed in this situation. In addition to naming a guardian, you may also want to set up a trust for your young children so that your assets are set aside for your children when they get older.
In selecting a guardian for your children, you should consider the following:
- Are there family members or friends who share your values about education, health, discipline, finances, and faith?
- Have you spoken with the person(s) who you want to name as guardian(s) for your young children?
- If one of your children has special needs, does your trusted family member or friend know of their special needs and are they capable of handling these needs?
- Will you compensate the named guardian?
If you have young children, schedule a strategy planning session with the Samuels Law Firm so we can help you protect your most cherished treasures. We would be happy to work with you.