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Are you one of the many parents that haven’t gotten around to nominating guardians for your kids or putting a plan in place to protect and care or them in the event something happens to you????? Today, let’s discuss the top 6 factors all parents should consider when naming guardians for your children.

Even if you do not have young children in your home, please read so you can educate the parents in your life.  We want to make sure that no child is left in the care of strangers or inherits hundreds of thousands of dollars on his/her 18th birthday with no restrictions or oversight!

If you prefer to watch me chat about this important topic, watch here.

 Top 6 Factors All Parents Should Consider When Naming Guardians for Their Kids

1.    If you name a couple to act as guardians, make sure you decide what should happen if the couple breaks up or if one of the people dies or is incapacitated.  Life is unpredictable.  That is the exact reason as parents we should engage in this type of planning. Are you ok with the guardians ending up in a custody battle over your kids if they get divorced? If one of them dies, are you ok with the other being the sole caregiver? You have control over all these aspects of planning as well.  We can help you think through the contingencies.

2.    Name more than one potential guardian. The saying goes, “There are two things guaranteed in life – death and taxes!!!” However, we do not know what the chosen guardian’s life will look like when you pass away or become incapacitated.  If that person is unavailable or unable to care for your children, then we need to have backups. I suggest a minimum of two and prefer that my clients name three potential guardians.

3.    Decide who would be the best caregiver without considering his/her financial resources or behaviors. Consider who will parent the most like you and will be able to care for your children in the way you want.  A separate part of the plan will address the financial resources and the person to control the money part.  These can be the same person but often times they are not.

4.    Protect your children by ensuring they will avoid court and conflict by creating a living trust.  A trust is an agreement that allows your family to avoid the probate process.  No court means you save your children and loved ones money, time, and stress.  You empower the people you choose to immediately be able to care for your children without having to wait on a judge to give them that ability.  You also ensure that your children will NEVER receive their inheritance on their 18th birthday to spend unwisely.

5.    Document anyone you would want to be excluded from caring for your children.  If there is someone that you would NEVER want to be the guardian, we can document this is a way that keeps this information confidential but ensures that the legal documentation is ready if this person ever tries to step into that parenting role.  It allows you to provide evidence to the judge even if you are incapacitated or have passed.  

6.    Create a Family Emergency Plan. Make sure your children NEVER end up in the care of strangers even temporarily.  We work with our clients to ensure that we have a family emergency plan ready in case it is needed.  The potential guardians are armed with the documentation they need to immediately take custody of the children if necessary so law enforcement need not be involved. We arm our parents with wallet cards and instructions for babysitters/caregivers so that all parties involved know the plan. 

If you are ready to protect your children and be an A+ parent, use the following calendar link to book your Estate Planning Session: https://mklegalplanning.as.me/estate-planning-session

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