Without a doubt, your minor children should be included in your estate plan. This is because, if unfortunate circumstances arise, you want them to be physically, emotionally, and financially taken care of by someone whom you trust. Continue reading to learn how you can ensure that your minor children are taken care of and how an experienced Putnam County guardianship attorney at The Law Office of Andres D. Gil, PLLC can help you make thoughtful considerations.
How can I ensure my minor children are taken care of in my estate plan?
Arguably the most important thing you can do in your estate plan is appoint a guardian(s) for your minor children. Such appointment is usually disclosed in a Last Will and Testament.
More specifically, you may appoint a guardian of the person, which is an individual who will be responsible for the everyday care of your children. Then, you may appoint a guardian of the property, which is an individual who will be responsible for overseeing and managing the money and property you left behind for your children.
Or, you may appoint a standby guardian for your children by executing a Designation of Standby Guardian document. Similarly, this essentially allows a guardian to take over the physical, emotional, and financial care of your children in the event of your incapacity or death. Of note, this is in accordance with the Surrogate’s Court Procedure Act.
What considerations should I have when making guardianship decisions?
It goes without saying that appointing a guardian for your minor children is a critical decision to make. And so, before establishing this designation in your estate plan, you should make the following considerations:
- You should consider asking yourself whether the individual you have in mind is right for the role of a guardian:
- Is this individual someone who has similar family values as you?
- Is this individual someone who already has a strong, healthy relationship with your children?
- Is this individual someone who can provide a safe, stable home environment for your children?
- Is this individual someone who is trustworthy in handling money?
- You should consider appointing two separate individuals as the guardian of the person and guardian of the property so to make this responsibility more manageable.
- You should consider appointing successor guardians in case your primary guardian(s) is unable or unwilling to take on this responsibility.
- You should consider speaking with your primary guardian(s) to confirm that they are able and willing to take on this responsibility in the first place.
You cannot ignore your estate planning for much longer. Instead, you must retain the services of a skilled Putnam County estate planning attorney at The Law Office of Andres D. Gil, PLLC today.