You Need A Kid’s Protection Plan In Your Estate Plan
A comprehensive estate plan — otherwise known as a life and/or legacy plan — can protect what matters most to you. For many people, this means everything you own and everyone you love. This means that providing for the care of your children is an essential piece of your peace of mind. Many parents struggle with including such provisions as naming a legal guardian for their child in their plan.
Even the fictional parents in the popular television sitcom Modern Family struggled with this issue in a recent episode. While Jay and his new and much younger wife Gloria agonized and argued about who they should name as a legal guardian for their children, their children were left at risk that if something happened to Jay and Gloria before they decided and properly named guardians in a legal document, a judge would make the decision for them. This is not ideal under any circumstances.
Estate Planning Things To Consider For Parents In Indiana
The most important thing to consider when creating your estate plan when you have children is making sure you outline clearly who will be their guardians in the event of your unplanned death.
Take a few minutes to consider the answer to these questions: if both you and your spouse were to become incapacitated or die right now, who would come forward to care for your child? Is that person someone you would want to raise your child if you could not? Is that who you would want to take care of the financial assets you are leaving behind?
What about the short-term? Are your children often left with a babysitter? Would the babysitter know what to do if you didn’t make it home at the end of the evening? These are all questions you want to consider. Without a short term plan, even if you have named legal guardians, your child could be taken into the care of strangers if something happens to you. After all, the guardians you named might be out of town or travelling. These are all questions worth asking when creating an estate plan, especially when you have minor children. This is where naming short-term guardians is an excellent idea. With short-term guardians, if the worst happens, your child stays under the care of people you trust, even if the long-term guardians are temporarily unavailable.
What happens if you’re seriously injured or ill? Even if you have made the hard decisions and worked with a lawyer to name legal guardians in a will, your kids could still be at risk. Most estate plans do not take into account what happens if you become incapacitated or if your named guardians all live far from your home. Chances are that it also will not protect against anyone who may challenge your decisions. To ensure your kids are raised by the people you want, in the way you want, never taken into the care of strangers (even temporarily), and that your kids will be raised only by your preferred guardians, you want to create a comprehensive protection plan for kids. Only a few select lawyers (like us) are trained to provide this kind of plan.
Get Started Working With An Estate Planning Attorney Near You
If you are ready to take that step, start by sitting down with us. As your estate planning attorney, we can walk you step by step through creating a comprehensive protection plan for your kids that not only names a legal guardian for your child in your will, but also ensures that their care is fully provided for, in the short-term and the long-term. It even plans for the event of your incapacity. If necessary, we can also ensure that anyone you would not want to raise your kids never will.
Working with a trusted estate planning attorney will ensure your entire family is protected and cared for no matter what. Contact us today to get started!