Welcome!
If you have minor children at home, then you're in the right place. As a mom and lawyer, I know how important it is to make sure that, no matter what happens, our kids will always be protected and cared for by those we love and choose. Even if the answer is obvious when it comes to choosing who would raise your kids if you couldn't — and that's definitely NOT the case for many parents — legally documenting your wishes is crucial.
There are a number of factors to keep in mind that will help guide you to make the best decisions possible to keep your kids safe and in the hands of those you would most want to raise them if something were to happen to you. I've outlined below seven of the most significant "must-dos" when naming a legal guardian for your children. I hope that you find them worthwhile, and I invite you to reach out anytime to learn more about this incredibly important process.
Warmest wishes,
Ariane
1) Identify Who Should Serve in the Event of Divorce or Death
Parents often name couples, whether family members or friends, to step into their shoes and raise their kids in the event of a tragedy — and this approach often makes good sense. Not only will the responsibility of taking on one or more children not fall on the shoulders of just one person, but the kids will likely benefit from having two adult figures caring for them. But what happens if the couple splits up or one person dies? Make sure to consider and legally document which individual you would prefer to serve alone, if need be, or whether you'd rather the next person or couple on your list to act as guardian(s).
2) Name More Than One Potential Guardian
Speaking of your list, be sure to name more than one — ideally three or even four — potential guardians. Anything can happen, and, whether due to age, illness, death, location, or lifestyle changes, your first choice may not be able to take on the responsibility or may not be the best option for your kids at that time. Name at least one or two back-ups so that the decision isn't left to a judge whom you've never met.
3) Exclude Anyone You'd Never Want Caring for Your Kids Speaking of your list, be sure to name more than one — ideally three or even four — potential guardians. Anything can happen, and, whether due to age, illness, death, location, or lifestyle changes, your first choice may not be able to take on the responsibility or may not be the best option for your kids at that time. Name at least one or two back-ups so that the decision isn't left to a judge whom you've never met.
4) Avoid Taking Financial Resources Into Consideration
While no parent would ever want to financially burden their loved ones with caring for their children in the event of a tragedy, do NOT choose a legal guardian on the basis of financial resources. Instead, choose the person or people who would raise your kids with the same values and principles as you would — and ensure that you leave behind sufficient resources by purchasing life insurance, the proceeds of which would be used to clothe, feed, and educate your children.
5) Name Your Guardians in a Standalone Document
Naming legal guardians in your will is a good place to start — but don't stop there. Your will only becomes effective upon your death, not in the event of incapacity, and admitting a will to probate if you were to die can take a long period of time. The best approach is to also name your legal guardians in a standalone legal document that will be effective upon your incapacity or death.
6) Name Short-Term Legal Guardians for Emergencies
Even if the guardians you choose live across the street — and especially so if they live in another city, state, or country — it is crucial to also name several short-term guardians (aka first responders) who can be by your children's side within 30 minutes in the event of an emergency. This often overlooked step can mean the difference between your kids being taken into protective custody by strangers or being comforted by those they know, love, and trust.
7) Create a Living Trust to Protect Your Assets for Your Kids
If you were to die without a living trust, a court would have to take jurisdiction over your assets through a very lengthy, expensive, and public court process called probate. But, by creating a living trust and transferring your assets into it (and making the trust the beneficiary of your life insurance), your chosen successor trustee can manage and distribute your assets for the benefit of your kids. Not only will a trust help ensure that your children receive their inheritance at appropriate ages and stages, you can also build in protections to protect these assets in the event they one day get divorced or sued — a loving gift that will endure throughout their lifetimes.
Thank You!
... so much for taking the time to read this guide and learn how to best protect your little ones, no matter what happens. If you have any questions or are interested in learning more about naming guardians, creating a living trust, or any other aspect of life and legacy planning, go ahead contact us and book a free consultation today. We look forward to getting to know you and your family.