When it comes to estate planning one of the major concerns for most parents is security for their minor children. Who will take care of them and become their guardian in the event that something happens to both parents? If there is only one parent to begin with due to death or abandonment there is usually even a greater concern for the minor’s well-being. In either scenario the main concerns seem to be who will raise the child and supervise the assets left behind for them by the parents. In this blog we will discuss some of the emotional concerns that may come up when trying to resolve or come up with a solution for who will be guardian.
First Scenario
1.John and Amanda a married couple have two children ages 3 and 5. John and Amanda discuss who will raise the children in the event both of them are no longer around before they become of age. John advocates for his sister, Michelle, as a suitable guardian. Amanda argues that Michelle is a snub and wouldn’t want her children raised by her. She suggests her older brother, Michael. John argues that while Michael may be good with money he has a terrible temper and not the most stable marriage. Fortunately, John and Amanda are smart enough to realize that they need to work through this thought process and reach an agreement on who will make the best guardian. After careful contemplation they settle on Amanda’s best friend, Sondra who they both respect and trust, and who has children of her own around the same age and is both willing and capable of being guardian for their two children. However they also both agree that Sondra is not very sensible with money. Sondra isn’t thrilled to hear this but in the best interest of the children agrees to a solution where she would be the children’s personal guardian and Michael would supervise the money left behind until the children are of age to handle their own affairs.
Second Scenario
Mark, a single father wants his best friend, Sean, to be the guardian of Max, Mark’s eight year old son, should Mark die before Max is 18 years old. To Mark’s surprise when he brings up in conversation to Sean about him become the guardian, Sean turns down the request stating that he is unable to take on such a big responsibility. He has three kids of his own and they are all he can handle. Mark is hurt, and worries that there is no one that he trusts other than Sean to do a good job in raising his kids. After talking over the scenario with some friends and family Mark realizes that his sister Rachael is willing to be guardian of the children in the event something was to happen to him. Mark isn’t overjoyed as he and his sister aren’t really close. Yet he realizes that Rachel is a trust worthy individual and Max would be well cared for. When creating his estate plan he hopes to stay alive long enough for Max to be of age but names Rachel as the legal guardian in his absence as it is the best and smartest decision at the current time.
When people hear the word estate planning, they often think or believe that it is only for the wealthy. As you can see above if you are a parent of a minor estate planning is of most importance. You love your child and don’t you wish to be the person who picks their guardian in the event of your untimely death. It is important to remember that if you have a minor and you don’t plan or have no guardian designation in place there is a good chance that a guardian at lithium will be assigned by the courts to care for you child/children. There also may be a family member who will come forward and try to assume the position not with your child’s best interests at heart. Your minor children come with your estate attached. The person who is their guardian will be able to access funds and assets left behind by you in order to care for your children. This leaves room for someone to mismanage or spend for their own selfish benefit.
If you have minor children regardless if you are a new parent or on your third child, regardless if you own a small co-op, a large real estate portfolio or rent an apartment planning your estate and setting up a guardianship designation is important. Don’t leave the welfare of your children up in the air or in the wrong hands. Seek guidance from an experienced estate planning attorney to better educate yourself on the topic. Call our office today to set up a free consultation with an estate planning lawyer.
