Developing an estate plan in the event that you are no longer around can be morbid to say the least. This is especially true when you have minor children to plan for. No parent wants to consider a world where they are no longer able to care for their young children. However, by taking the time to develop a proper estate plan with an estate planning lawyer, you can give yourself peace of mind, and your children as smooth a transition as possible should the unexpected occur. One of the most important components to an estate plan with minor children is the process of naming a guardian who will take over the responsibility of their care. Contact an estate planning lawyer so that you may provide your children with all that they need should you be unable to care for them in the future.
Naming a Guardian
One of the most important components to planning for minor children in an estate plan is by naming a guardian. The guardian of your choosing will be responsible for caring for your children in the event that you and your spouse are unable to do so. By not doing this yourself, you put yourself at risk for having a judge carry this great responsibility. Should this occur, anyone may come forward asking for this responsibility. Not only can this cause familial strife, it doesn’t necessarily mean that a judge will choose a guardian that you would approve of. It’s important that you carefully weigh your options by:
- Considering the values and beliefs of prospective guardians
- Their geographical location to your children and whether they are willing to relocate
- The relationship your child has with the prospective guardian
- Whether they are willing to take on this great responsibility
- Their age
When considering who will care for your children, it’s vital that you have direct and clear conversations with prospective guardians over your wishes. You will want to make sure that they are willing to commit to caring for your children.
Plan for a Backup, or Two
Although you may have identified someone to take over guardianship, it’s key that you have at least one or two backups in the event that the original person is unwilling or unable to care for your child. Whether the person you have chosen has passed away or has other obligations making them unable to care for your children, having alternative options is key when estate planning for minor children.
Contact an Estate Planning Lawyer
Estate planning can be easily put off. While you may believe that you have the luxury of time, it can be difficult to predict what the future may have in store. An estate planning lawyer can help you to develop an estate plan that leaves nothing out by:
- Making sure that you are aware of your options
- Helping create a plan that is customized to your needs
- Avoiding the probate process
- Having knowledge of state tax laws
If you have young children, they likely come before protecting any assets or mitigating the risk of estate taxes. You will want to make sure that they are properly cared for in the event that you are no longer able to. Despite this, taking the time to develop an estate plan, can not only mitigate tax implications and protect your assets but ensure that there is a clear plan in place for your children. All of these go hand in hand when it comes to making sure that your children have all that they need when facing a life without you. Contact a Sacramento estate planning lawyer so that you have a plan in the event of the unexpected.
Thanks to the Yee Law Group for their insight into estate planning and choosing a guardian for young children.