Naming a guardian for your children may be one of the most difficult tasks of estate planning. Is there anyone in your life, besides a spouse or partner, who you think would be capable of raising your children in a manner that is similar to your own parenting style and family values? Does this individual have the capacity to love your children just as much as you do? If the individual already has children, will he or she be willing to care for more children?
These are very difficult questions to address, but as we mentioned last week on our Scottsdale probate law blog, parents should go through the legal process of naming guardians for their children so that they have some say in who is to take care of their minor children in the event that something were to suddenly happen to both parents.
In addition to naming a guardian in your will, you can also make sure that your children receive the financial resources they need at the right time by using other estate planning tools such as trusts.
You can give named guardians permission or another responsible individual permission to handle your minor children's finances if you die or are no longer capable of making financial decisions for your children. Parents may consider creating trusts that dictate how any money left to minor children should be spent.
There are several types of trusts folks can create depending on their specific needs and goals. Parents with minor children may use a testamentary trust. This trust is created when a parent dies. It holds assets parents have chosen to distribute to children after death. Trusts can specifically outline when and how money should be spent for children.
Parents should understand that providing detailed instructions for guardians and those who have been chosen to handle minor children's money is important, but parents also need to make sure there is some room for flexibility. There are many things a parent may not be able to control, but parents can make sure that they have taken the basic steps to ensure someone will be able to care for their children as best as possible if something ever were to happen to them.
Source: Forbes, "Adam Yauch's Will Reveals His Private Dilemma," Deborah L. Jacobs, Aug. 10, 2012
- Our firm represents clients in estate planning matters that stem from events such as those described in this post. To learn more about our firm and practice, please visit our Arizona guardianship attorney page.
jet crash in virginia beach john tortorella nicki minaj beez in the trap video food network good friday f/a 18 f 18 crash virginia
No comments:
Post a Comment