Protecting Your Children’s Interests in Your Will

 Posted on December 07,2016 in Estate Planning

When you think about estate planning, you are likely to picture making arrangements for your assets and debts. Of course, determining which of your beneficiaries will receive which property is an important aspect of estate planning, it is far from the only consideration that must be made, especially if you have young children. With the proper guidance, your will can outline your wishes regarding who will care for your children in the event of your untimely death.

Considerations for Guardianship

Although it may be tough to think about, do you know what would happen to your children if you were suddenly gone? If you are married, your spouse would, of course, be responsible for caring for your children after your death. But, what if you are a single parent or you and your spouse were to both die unexpectedly at the same time? It may sound callous to make such a suggestion, but, sometimes, reality can be incredibly cruel.

If your child is unexpectedly left with no surviving parents, it would be up to the court to appoint someone to step in and fulfill that role. In most cases, a court would likely choose a grandparent, aunt, uncle, or another close family member, presuming that such a choice would be in your child’s best interest. You, however, know your family situation better than any court possibly could, making you better suited to make decisions regarding your child.

Come Up With a Plan

Before you include guardianship directives in your will, you should discuss the issue at length with your spouse—or the other parent if you are not married to each other. It is important for the two of you to reach a consensus as conflicting wishes could lead to legal problems at the least opportune time. You may decide who should be appointed as guardian but be sure to discuss the possibility with your chosen person. The last thing you want is to have your chosen guardian decline the responsibility when your child needs him or her the most.

Once you have a person in mind and that person has agreed to be named, work closely with an attorney to ensure your wishes are properly recorded in your will. As with other aspects of estate planning, if your will is not signed, witnessed, or executed properly, it may not be enforced upon your death.

Contact an Attorney

To learn more about selecting a guardian for your child and including your choice in your will, contact an experienced Lombard estate planning lawyer. At A. Traub & Associates, we are dedicated to helping you protect your family from unexpected tragedy. Call 630-426-0196 for a confidential consultation today.

Sources:

http://www.americanbar.org/content/newsletter/publications/law_trends_news_practice_area_e_newsletter_home/07_latefall_estate_vercammen.html

http://www.peps.org/ParentResources/by-topic/planning/Estate%20Planning%20Tips