👨👩👧👧 Revisiting Your Guardianship Nomination 🍁
Do you have a Child Guardianship provision in your current Estate Plan?
Nominating a guardian for your child in the event of your passing is not an easy task. There are so many factors to consider when selecting the ideal candidate among your family and friends. And often, these factors change over time.
intimidated? Don't be! I'm an attorney (and a dad) here to help you. Call 📞 (320)318=0430 to schedule a free 30-minute consultation. But first, keep reading:
Nominating a guardian for your child in the event of your passing is no easy task. Here are some factors to consider when selecting the ideal candidate among your family and friends:
Typically when naming a guardian, parents will consider what their child needs at the time of their decision. For example, the parents of a 2-year-old child may base their decision on who can provide the most loving and nurturing home, while the parents of a 13-year-old will be more inclined to name a disciplinarian. As time progresses, our lives, and the lives of our family and friends change. Maybe the person you initially named moves to another state, or they now have three children of their own, and cannot financially or emotionally care for an additional family member. This is why it is important to revisit your decision every few years.
When reevaluating your choices, take into consideration that person’s lifestyle, location, and most importantly, their relationship with your child. Along with these factors, also consider the guardian’s stamina, stability, and potential conflicts of interest with your child. Be realistic about your parents’ ability if they are getting older, or your friends having more responsibilities with time, and that your children may need more attention than their guardian can provide.
It is sometimes helpful to think beyond your immediate family members, and consider long-time friends that share similar philosophies about life and child-rearing. If there is a likelihood of conflict between family members or friends, be sure to share this with your attorney. We can customize your guardianship nomination to encourage loved ones to work together and keep the lines of communication open. If you are considering revisiting your guardian nomination, be sure to contact my office. I can discuss your changes, and help create a plan for your child’s future that will address your concerns.
P.S. DID YOU KNOW?
Guardians can only act until a child turns 18-years-old. Here’s where you need a think-outside-the-box and knowledgable attorney. Distributing your child’s inheritance into a Trust will allow you to control when, and for what purpose, they get distributions, preventing the child from being financially irresponsible with their inheritance.