Picking Back-Up Parents for Your Minor Children

If you do not have a will, then you are not alone. Some 70% of adult Americans are passengers in that same boat.

If you are single, have no children and limited resources, then I (kinda) get that.

While you still need to have basic estate planning to avoid "living probate" if you become incapacitated, you probably have no one actually depending on you for care and support.

All that changes if (or when) you have minor children.

Then, a will is an absolute must.

If you do not believe me, then check out a recent article in New Hampshire Magazine titled “Don't put off writing down your last words.”

The original article concedes that the risk of two people who share at least one child under the age of 18 dying simultaneously is quite low.

However, for too many young parents, death seems even too remote to consider. 

This can be a tragic mistake, as "lightening" can strike anyone.

Nevertheless, parents of all ages should have their affairs in order—including guardianship for minor children. 

According to the original article, you should nominate two people. That way one can serve as guardian of the children and a second as trustee over the inheritance of the children. 

I would further recommend adding back-ups to this starting lineup. In estate planning as little redundancy is a good thing.

So, who are likely candidates for these fundamental and essential responsibilities?

Some parents feel they must choose from among family members.

Not necessarily.

In many instances a close friend may be a better fit than a family member.

In addition to selecting from among family members or close friends with children at about the same age as yours ...  here are a few other things to ponder when selecting a guardian: 

Does your guardian have a similar parenting philosophy, religious, and personal values?

Do they live close to you?

Do they have children, and how will your child(ren) fit in that situation?

Is the household stable?

Is age of the guardian an issue? 

The article also advises not to exclude someone because they are not well off.

Why?

Because you can create a trust funded through assets or life insurance to ensure the day-to-day care, health care needs, and the college expenses of your children.  

Finally, when you have decided on a guardian, review your plans and expectations with them (including the trust created by your estate planning attorney) and give them some time to think about assuming this role.

As I have noted before, this is not a DIY (do-it-yourself) project. Be sure to work with an experienced estate planning attorney who has been there and done that.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri) and to download free tools to help you organize your estate, visit my estate planning website.

Reference: New Hampshire Magazine (May 2015)“Don't put off writing down your last words”