Who Would Raise Your Kids?
One question that hits me differently now that I am a mom is: Who would take care of my baby if something happened to me?
Most of us parents have an answer in mind. We've talked about it with family members or a close friend. But many haven't taken the next step of putting those wishes into legally effective documents. (Confession... My baby just turned 6 months today and I still need to update my estate plan!)
For parents of minor children, naming a guardian is often the most important parts of an estate plan. This is typically named in your Will.
A guardian is the person you nominate to raise your children in the event both parents have passed away. While a court ultimately makes the appointment, your nomination provides important guidance and helps avoid uncertainty and family disputes during an already difficult time.
Another powerful tool I've recently been exploring is a power of attorney for minor children.
What if you're not deceased, but simply unavailable? Planned travel, a military deployment, an unexpected medical emergency, or other circumstance could leave someone else temporarily caring for your child.
A power of attorney for minor children allows a trusted adult to make decisions regarding medical care, education, travel, and other day-to-day needs without unnecessary delays. This type of power of attorney can last up to two years. You simply renew when it expires.
When choosing a guardian or temporary caregiver, consider:
Who shares your values and parenting style?
Who has the time, ability, and willingness to serve?
How would the change affect your child's school, community, and support system?
Have you discussed the role with the person you're considering?
There is rarely a perfect choice. The goal is not to find a perfect person—it's to make a thoughtful decision and document it so your family isn't left guessing. Do not leave a gap where your child may end up in foster care until things get sorted.
You can read more about planning for your family on my blog.
Also, I will be co-hosting a webinar on trusts on July 17th. You can sign up HERE.
Schedule Your Consultation and take the first step toward creating a complete estate plan that protects what matters most to you and your loved ones.
