Many parents of minor children understandably don’t want to think
about dying and leaving their children behind. It is a nightmare scenario
in the world of “what if”. However, no matter how unbearable
the thought of planning for your death as a parent may be, possibly the
only thing worse is not planning.
If you don’t make advance arrangements for your minor children through
a will or a trust, they could possibly end up with the guardianship court
determining who will raise them. The guardianship court may also be making
determinations about how their financial resources will be allocated and spent.
Putting a will or a trust in place gives you the opportunity to name a
guardian for your minor children should you pass away. A will or a trust
also gives you the opportunity to make financial arrangements for your
children. Minor children will have someone overseeing their assets for
them. That person can be a person chosen by you through your will or trust
or a person designated by the guardianship court if you don’t make
a choice by will or trust. The guardianship court will do its best to
choose the appropriate person but won’t know the potential candidates
as well as you do.
Putting your plans in place for your children’s well-being should
the unimaginable happen and you do die and leave them is a difficult,
but loving act. If you haven’t already taken steps to take care
of your children through a will or trust, start today. If you have already
taken these steps, be sure to update your will or trust plans as your
children grow and their needs change. It is a way to continue to protect
your children even if you are no longer physically present in their lives.