Are Your Children Protected?

by Jack Morrison on January 18, 2011

What You Need to Consider When Appointing a Legal Guardian

Chances are, this thought has crossed your mind: what will happen to my kids if my spouse and I pass away? This is a very upsetting topic that most people push to the back of their mind. But if you are married, have at least one or two children under the age of ten and haven’t established a legal guardian yet, it’s time to revisit this important subject.

When I work with clients regarding legal guardianship, here are some things we discuss that you’ll also want to consider:

  • Tell your guardian how you want your children to be raised. What’s important to you that you want passed along? Start documenting this now.
  • Allocate financial resources to your children’s future. Do you have insurance or a savings account? If you want to provide your kids with enough for college, start setting aside some form of savings now.
  • Have you appointed a trustee? Make sure one family member knows the location of important banking accounts, insurance accounts and any relevant data such as passwords.
  • Will you appoint a separate person to oversee the finances and be the guardian? Make sure your wishes will be carried out and all parties involved are aware of their responsibilities.
  • Even if you have designated a guardian and this person agrees, verbal communication may not be enough. Legal documentation is needed. Otherwise, the confusion and emotion could lead to major internal family fighting, further hurting your children.

Appointing a legal guardian is a difficult matter, but an important one. Call us today at 508-852-7800 or visit our Become a Client page to set up a time to talk.

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