It Could Happen To You, Every Parents Nightmare

It Could Happen To You, Every Parents Nightmare

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If you are the parent of young children, the last thing you want to think about is what would happen to your child if you were not there to raise them. You may in fact be thinking that it would never happen to you. Unfortunately, it happens frequently and your failure to plan could have results you never intended. Consider this situation: You and your spouse are killed in an auto accident. Your parents are dead and your only living relative is flighty sister who cannot take care of goldfish, much less children. One of your spouses parents is dead, the other is in a nursing home with Alzheimers, and your spouse is an only child.

What happens in this situation? If you have not made provisions for your children, the court would look first to family, which would mean the sister you could not trust with your goldfish. If the court decided that sister could not or would not take custody the children could become wards of the state and placed in foster care. If the thought of such a thing happens terrifies you, you need to plan to avoid it.

Every parent with young child should have the following:
A living will
A will or trust, naming a trustee and alternate trustee for your childs property, you may also want the person who acts as the trustee of the property to act as the personal trustee or guardian of your child.
Designation of a guardian for the child if you choose to have a separate guardian or trustee of any property left for your child.

You may not think that you do not have enough income or assets to be left to your child. Remember that the child would be entitled to survivors benefits through Social Security and life insurance proceeds.

Finally remember to discuss guardianship with the persons you want to choose to handle those responsibilities for you before you finalize them. Give them the opportunity to think about whether they could handle such a large responsibility.

About the Author:

Deborah Sexton Law Office,PA is a leading provider of expert estate and financial planning in Fayetteville, AR. For more information on personal trustee, visit our website.



Article Originally Published On: http://www.articlesnatch.com


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