Many times people put off making an estate plan because they get busy. After all, we all have plenty of things to do—go to work, pick up the kids from school, take care of household chores, and on and on.
Well, I’d like to give you a friendly nudge, especially if you have minor children. Take a moment from the busy-ness of it all and sit down and think about putting together an estate plan if you have not done so already.
One of the main reasons I talk as much as I can about this subject, especially to young families with children, is that most of us do not know what will happen to our kids if something unexpected happens to us. Who is going to take care of our kids, and what is the plan?
Families can take a proactive approach to these questions in their estate plans through a will or living trust. They can nominate people they want to take care of their children in the event they cannot do so.
What happens if you do not nominate a guardian or guardians for your children? Your children could possibly end up being cared for by someone you would not want to raise them. They could end up in foster care until the Court figures out who can and who is the best fit to take care of your children.
A pre-designated nomination of guardians is oftentimes very persuasive to the Courts when appointing a guardian to protect your children if something were to happen to you. Taking the time to write down your preferences for a guardian can be the best thing you do for your children to ensure that they are raised with the same moral, social, and educational values as you.
So before you go on that family trip or when you have a brief period of time over the weekend, sit down, have some coffee, and think about individuals in your life that would be a good fit as a guardian for your children. There are many options available to you to make that decision. A comprehensive estate plan can increase the chances of having your wishes met while providing for your children and their futures.
