This is the sixth installment in my series, Estate Planning Common Questions. It’s a quick read about the basics of what it is, why it is important, what happens if you don’t appoint a guardian and die suddenly, etc. If you have minor children, this is a MUST READ. I’ve had conversations with younger parents who have not established guardianship for their children. When I ask why, they often reply that if one dies, the remaining spouse will take care of the children. I always ask the follow-up question: “Do you and your spouse go on date nights, leaving your children with a sitter”? The answer is almost always – yes. And then it usually sinks in: what happens if, heaven forbid, they are both killed in a car accident on the way home? What arrangements have been made for care and financial support for their children in that event?
So, if I have you thinking now, which I hope I do, and if you haven’t made these arrangements yet, please push it to the top of your to-do list and call me. You have no idea what tomorrow holds, and you don’t want to leave this critical step untaken.
1. What is a guardian, and why do you need one for your minor children?
A guardian is a person you legally designate to care for your minor children in the event of your passing or incapacity. Naming a guardian ensures that your children will be cared for by someone you trust rather than leaving the decision to the courts.
2. How should you choose the right guardian?
Consider the following factors when selecting a guardian:
- Their values, parenting style, and beliefs
- Their financial and emotional ability to care for your children
- Their location and whether your children would need to relocate
- Their willingness to take on the responsibility
3. Can you name more than one guardian?
Yes, you can name co-guardians (e.g., a couple) or an alternate guardian in case your first choice is unable or unwilling to serve.
4. How do you legally designate a guardian?
You must specify your chosen guardian in a legally valid will. Without a will, the court will decide who will care for your children, which may not align with your wishes.
5. What happens if you don’t appoint a guardian?
If you don’t name a guardian, the court will decide based on the child’s best interests. This could lead to family disputes or placement with someone you may not have chosen.
6. Can you change your chosen guardian later?
Yes, you can update your will at any time to reflect changes in circumstances, such as a guardian’s ability to serve or a change in your child’s needs.
7. Does the guardian also manage the child’s finances?
Not necessarily. You can appoint a separate person (trustee or financial guardian) to manage your child’s inheritance, ensuring that funds are used appropriately for their well-being.
8. What if your chosen guardian lives in another state or country?
You can still name them, but consider potential legal or logistical challenges like travel, residency laws, and cultural differences. Consulting an attorney can help address these concerns.
9. How can you ensure financial support for your children’s guardian?
Setting up a trust, purchasing life insurance, or designating assets in your will can provide financial security for your child’s upbringing without overburdening the guardian.
10. Should you discuss your decision with the chosen guardian?
Absolutely. Talk with the prospective guardian to ensure they are willing and able to take on the responsibility. This can prevent future conflicts or surprises.
Caring for your loved ones, especially young children, is a parent’s responsibility while you’re here and after you’re gone. I am sure you agree. If this is something that has been on your mind for a while, let’s meet and talk about setting up guardianship for your children. It is the most loving thing you can do for them. Call me at 513-399-7526 or visit my website www.davidlefton.com