Estate planning is the process by which a person arranges how their assets will be distributed after they have been incapacitated or died. If you have young ones in your family and you’ve set out on the estate planning journey, you need to ensure that besides deciding on the people that will be receiving your estate, you need to approach guardianship for your children and their inheritance.
Naming a Guardian
When you set out to protect your children and their respective inheritance, you need to know who you can fully trust and who will take up the responsibility with an open heart. You have to approach guardianship by keeping the long-term pros and cons of appointing someone in mind. It can be a sibling or even one of your friends. In cases where there is a surviving parent, the court appoints them as a guardian. If there isn’t a surviving parent, then you need to be sure to pick the right person. You may have to get feedback from several people before appointing someone as a guardian for your kids. It’s helpful to know who will merely take up the burden and who will be delighted to take care of your children.
How to Approach the Conversation?
Approaching guardianship for your children is never easy when you think about the fact that you won’t always be there for your kids. It’s a difficult thought, but one that requires that you make some carefully thought out decisions regarding their welfare. When you first approach, let’s say, one of your siblings or friends, they will not particularly want to discuss your demise. However, it is a part of life, and you must tell them that you want to discuss the topic for the sake of your children’s welfare. Once you’re done with the conversation and have requested for them to be guardians, things can go either way. If they accept, then well and good. However, in case they decline the responsibility, you must have a contingency plan where you have alternate guardians.
Are you having problems with estate planning? Reach out today, and let’s schedule a consultation.