What characteristics come to mind when you think of a “good parent”? Loving, being a great provider, understanding, patient, and responsible likely come to mind immediately. I’m sure you can list even more. But I’m guessing if I asked you to list the top 10 factors that make a parent a good parent, most, if not all, would leave out something that I, as an estate planning attorney, believe should be near the top of any parent’s list.
What is it? Guardianship. Consider taking the steps necessary to appoint a legal guardian for your minor child if something happens to you. This one act could end up being one of the most loving things you can do for your child. None of us knows what the future holds, but we can take steps to protect our children in case something happens to us.
Why don’t all parents make sure they have this base covered? I think one reason so many parents don’t is simply because, as a young parent, maybe just starting a family, dying is the furthest from your mind. Rightfully so. Statistically, if you are in your twenties or thirties, chances are good you’ll live a long and healthy life.
Another reason, which I’ve heard more than once, is that there is the assumption that if one of the parents dies, perhaps in a car accident, the other parent will assume full responsibility for the child. That is all well and good. However, those parents can easily be stumped when I ask if they ever go out on “date night”; just the two of them, leaving their child at home with a sitter. Or maybe take a romantic weekend getaway, just the two of them, leaving their child with grandparents. So the question is, who would care for their child if they were both killed in a car accident? They respond by saying a grandparent or aunt would step in. That might work out but without legal documents stating that as well as establishing financial support, etc., things could get messy quickly. There might even be a family feud over who is best suited to take the child in. In the worst case, the court gets involved and gives custody to a family member you would not have chosen.
It is risky to assume a family member would be willing to take on this responsibility without having had a heart-to-heart chat with them. Your folks might love having your child for a weekend, but would they want that level of responsibility 24/7 until your child reaches age 18? Maybe they don’t feel they could do that at this stage of their lives.
What will happen without making specific financial arrangements for your child’s support? What if your sibling would be a great caregiver but is terrible with money? What happens to all the money that is supposed to be used for your child? Will it be spent wisely or not?
Why leave any of this to chance? Your minor child deserves to have a well-thought-through plan in place in case the unspeakable happens.
If you haven’t made a plan for your child, please call me, and let’s get that done right away. You will have tremendous peace of mind knowing that you have done everything possible to protect your child now and in the future. And we will all hope it is never needed.
Please call me at 513-399-7526 or visit my website for more information about planning when you have minor children https://davidlefton.com/estate-planning-for-all-stages/planning-with-minor-children/