Guardians for Minor Children
When it comes to our children, we all plan for the future. We consider school districts when buying a house, find activities that fit their interests, sacrifice weekends to take them to practice or events, save money for college and try to instill in them different skills and values that will help in life. In all that planning, it is crucial to also include your wishes if something happens to you.
Choosing someone to be guardian can be a difficult decision. You want to make sure that person is willing and able. You may also want to choose someone who shares similar beliefs and values, so your children are raised similarly to if you were there. But it’s a choice you should put in place before something happens. Planning proactively can ease parts of the transition period. By naming someone in advance, your wishes can be followed, and familial disputes can be avoided during an already difficult time.
With planning in advance, you can also leave guidelines for your guardian to follow. Do you want your children to attend a particular school, be raised in a certain faith, have set time to visit with different family members? Do you want them to receive an allowance, are there trips you would encourage? Answering those questions and more can help your guardian follow your wishes, and there can be some peace of mind that your children are being cared for how you would want.
Finally, with proactive planning you can properly set up different types of accounts to provide for your children long-term. Having trust shares set up for your children means you can leave funds behind for their care, while also limiting future access to it as you see fit. You could give them full control at eighteen over the funds you left behind; or, you could stagger their access and require them to have some training or work with a financial advisor until a particular age so they gain some fiscal responsibility and are better equipped to care for themselves in the future.
It is natural to worry about what would happen to your children if something were to happen to you. Planning for it can be overwhelming and oftentimes confusing. These are not easy questions to answer, but they are in the best interest of your children. Estate planning attorneys can help guide you through the process and cover all possibilities for your minor children to ensure they are protected, no matter what life brings. To learn more about planning for your children, contact our office at (248) 409-0256 for a complimentary initial consultation.