People are sometimes remiss when it comes to estate planning. They put it off for various different reasons. One of the primary reasons is the idea that there will always be time to take care of it later on. Younger adults often adopt this line of thinking.
In fact, it could be argued that estate planning is more important for younger adults than it is for older people, especially when minor children are involved. With this in mind let’s look at the nomination of a guardian.
Who Would Care for Your Child?
People of all ages pass away in accidents every day, and younger adults also fall victim to catastrophic illnesses. Who would care for your child if you and the other parent were to die together in an accident?
You can answer this question by executing a proper estate plan that includes the nomination of a guardian.
When you draw up your last will you can nominate a guardian who would care for your child or children should the unthinkable take place.
It should be noted that the court is not absolutely compelled to empower the person who has been nominated to act as the guardian. The court must put the well-being of the child or children first. The potential guardian that has been nominated will be scrutinized by the court before a decision is made. However, it is very likely that the nomination will be honored unless there is something seriously objectionable about the proposed guardian.
If you are married and you have children with your spouse, the surviving parent would be around to care for children if you were to pass away. Guardianship would not be a factor.
However, there are many single parents out there. The nomination of a guardian is even more important for these individuals.
Estate Planning Consultation
In addition to the matter of guardianship, you should also consider the financial situation that your children would be faced with in the event of your passing. The guardian that you choose should have financial resources available to provide for the children.
As we all know, parents have numerous different responsibilities. Estate planning is one of them. If you are currently going through life without an estate plan as the parent of a minor child or children, you should certainly discuss your situation with a licensed estate planning attorney.
There are steps that you can take to protect your children even if you are not especially wealthy.
If you would like to talk things over with an attorney, feel free to contact our firm to request a free consultation. We will gain an understanding of your unique situation, answer any questions that you may have, and help you put a plan in place that make sense for you and your family.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.