Do you remember this PSA in Cincinnati from the 1960s into the 1980s that asked, “Do you know where your children are?” It was often parodied and was featured in Time Magazine’s Top 10 PSA announcements article. It was successful at drawing attention to parents’ responsibility for taking care of their children at all times. And it’s my segue to talk today about legal guardianship and inheritance here in Cincinnati.
So, my question is, “Do you know who will care for your children if something happens to you?” If you have minor children and have not put together a legal plan for their guardianship and inheritance, if something happens to you, well, you should. And you should do it NOW. Don’t just assume things will happen as you might wish if you don’t have it legally documented.
Take 10 seconds and ask yourself the following three questions.
- If something happens to you (or you and your spouse), who will be your child’s guardian?
- Do you have a will and a trust for your child?
- Do you have an up-to-date Living Will, Health Care Power of Attorney, and General Durable Power of Attorney?
GUARDIANSHIP: If you haven’t appointed a guardian (and at least one alternate) for your minor children, sadly, you are actually in good company. Let’s begin the process of getting that remedied. Here are some tips to help you choose a suitable guardian for your children. Does the individual have
· Available time
· Physical and mental ability
· Genuine concern for your children’s welfare
· A good relationship with your children
· Agreement with your moral and religious beliefs
· Financial resources
· Geographic proximity to where your children now reside
INHERITANCE:
Don’t assume. While you may have agreed with your spouse upon a guardian for your kids and even expressed it to family members, unless you legally document your wishes, including distribution of assets, etc., don’t assume it will go as you wish. Not detailing your decisions in a legally binding document, like a will and a trust, means they may not be followed. To protect what your children will receive, establish a trust for any life insurance benefits and savings your appointed guardians will use to raise your children. If your estate is large enough, plan the trust to avoid estate taxes.
OTHER LEGAL DOCUMENTS: I admit, a living will, health care power of attorney, and general power of attorney don’t have anything to do with guardianship or inheritance. I include them because if you’re taking the time and effort to get your affairs in order, these documents should be part of the “package.” They can save your loved ones a lot of time and effort; it’s the right thing to do for yourself and them.
Don’t let the complexities of financial or guardianship decisions prevent you from completing your estate planning. An estate planning attorney who has worked with many families can use that experience to help you make decisions. An open discussion of your concerns with a lawyer who understands your financial and legal situation can assure your peace of mind – and your children’s future. Please don’t put this off; your children rely on you to care for them, to know where they are at all times, and to protect their future. Please call me at 513-399-7526 or visit my website www.davidlefton.com