Estate planning is a critical matter for all adults, but parents need to be especially careful that they have things set up properly so that their children are taken care of if something happens to both parents. This isn’t something that most of them want to think about, but it is necessary.
When you are going through the process of determining how to set up the estate plan, you need to think about the best ways to provide for the kids. One of the primary decisions that you have to make is who is going to raise the children. You should talk to the person you want to do this to ensure they are up for the job if it becomes necessary.
This individual is named as the guardian for the children. It is a good idea to name people who can serve as back-up guardians in case the primary person is unable to do the job for some reason. When you are trying to figure out who to name, think about who will raise them in the same manner as you would. You should also ensure that the person will be able to keep up with the demands of raising children, which might mean choosing someone close to your own age.
You can also set up provisions for financial support. This might mean naming the guardian as the payable on death designee for bank, retirement or other accounts. You might also consider using trusts to accomplish this.
We know that you might have some questions about the best way that you can ensure that your children are properly cared for if you pass away. We can help you to find ways to address your concerns.