How Does Naming Guardians For My Children Protect Them?

A medical helicopter crashed the other day in Florida. Three people on their way to harvest organs from a car crash ended up getting killed themselves. Have you thought about what would happen to your children in the event that you suddenly passed away? Who would raise your children? What paperwork is in place to ensure a smooth transition of custody immediately after a tragedy so that foster care, even if temporary, does not have to come into play?

Two Roles Required To Protect Your Children
There are two roles you should assign and document in the event you suddenly die and leave children behind. Our mission today is to provide easy, money saving tips and more information about estate planning terms that are commonly used.

1. Custodian; Provides Physical Care
You must have specific instructions in your will or trust about who you want to raise your children. The court will have little reason not to honor your request. This is especially critical for single parents who do not have a spouse as a backup. Naming a guardian in your will or trust gives you peace of mind that your child's head will lie on the pillow of your choosing after you are gone.

2. Guardian; Manager Of Money
Taking care of the day to day needs of your children (food, clothing shelter) is one thing, but where will the money come from to support them? What happens if you neglect to arrange for your property to be managed by someone? The courts will decide for you and name a "property guardian". Why let the government get involved when you don't have to?

How To Protect Your Children By Naming Guardians
Who can you trust to manage the money that is left behind for your children until they become adults? The person who you entrust with the day to day physical care of your children does not have to be the same person that you put in charge of managing the money and other inheritance left for them.
In many cases there are life insurance policies and social security payments that have to be dealt with. Any inheritance of money or property (jewelry, family heirlooms, furniture, etc.) that you wish to leave for your children is at risk (or at best, faces a significant delay in getting to the person you intended) without a will or trust.

Match The Skills Needed To The Best Available Person
The person you ask to manage the inheritance does not have to be the same person that you authorize to take physical care of the kids. There are good guidelines to consider when you think about how to choose an executor to carry out the wishes outlined in your will. Even if you choose to name the same person to handle both the inheritance and the caretaking of the children, you should specifically state that in your will or trust to avoid any confusion or delay. Leave nothing to interpretation.

Keep in mind that the person you ask to manage the financial affairs for your children must do so until the kids are at least 18 years old. If your children are young, choosing an elderly grandparent to serve in this role might not be the best option.

Selecting An Age To Dissolve A Trust
Another consideration for parents when writing their will or trust is if age 18 is satisfactory to them to provide the children access to the financial assets left behind. If you think 18 is too young you can select an older age and document that in your will or trust. Waiting until they are 21 or 25 is not an uncommon selection by parents. Once the children reach the age you specify, the trustee will dissolve the trust and transfer access to leftover assets to your children.

Specific Instructions Are Welcome
The beautiful thing about naming a trustee to watch over the financial affairs of your children is that if you happen to die your instructions must be followed. The trustee has to act in the best interest of your children and obey instructions that you put in writing in the trust. For example, there is nothing wrong with you putting specific instructions in your will or trust that tell the trustee to purchase a car for the children upon their 16th birthday. You can put as many specific instructions as you like.

Protecting Your Children Requires That You Do Something
When it comes to documenting how you wish your children to be raised after you are gone, the most important thing to remember is to do something. Avoid procrastination. You never know what can happen; that's why they call it a tragedy. Take control so that the courts don't have to do it for you.