A key element of every estate plan for parents is guardianship assignment. Your estate plan needs a clear and specific determination of your wishes for the care and keeping of your children following your death. Once you determine who you trust to serve as guardian for your children, that is only the first step.
Consider these tips to ensure that your children receive the care that you intended.
Establish financial security
Create a trust to financially support your children for the rest of their childhood. Name their guardian as the beneficiary of that trust so they have access to the funds right away. You can also invest in a life insurance policy that pays directly into that trust.
Discuss the guardianship with the appointed party
You should never surprise someone with guardianship after your death. When you determine who you wish to care for your children in the event of your death, have a conversation with them to explain your wishes. This allows them to raise any concerns they might have and gives you peace of mind.
Provide the necessary documents and information
Once you establish guardianship papers and the financial trust, gather copies of all of those records for your appointed guardian. The more information they have before your death, the easier the transition will be.
These are important steps for establishing guardianship and communicating your wishes. Be clear and ensure that your prospective guardian has sufficient funds to properly care for your children. The right guardianship paperwork and trust accounts make a difference in the process.