Estate Planning
Unfortunately, now more than ever, it is important that every parent considers what will happen to their children when they pass away. Ensuring that your affairs are in order, if something happens to you or your partner is so important.
Understandably, this is something that parents do not want to think about. However, preparing for it and planning how best to take care of your children is the most important aspect. You want to ensure that your children are taken care of and the person or the people you appoint are trustworthy and capable.
If you pass away and your spouse is still alive, the surviving parent will take care of your child. However, have you considered what would happen if something was to happen to both parents? Below are list of questions to consider:
- Who will be the legal guardian of your children if something was to happen to both parents in a car accident or plane crash?
- Have I communicated with the proposed legal guardian to consider if a parental role is something that they will take on?
- If I don’t have any close relatives or friends, who will take care of my children? What are my options?
- What if no one can find the surviving parent?
- Have I set up a testamentary trust for my children so that they can be taken care of financially from my estate? Do you want your children to be able to access the funds at the age of 18 or 25 or older?
- Who will be the appointor of the trust?
- What if the surviving parent is abusive? Can I elect to appoint a different legal guardian?
- Do the grandparents need to apply to be the child’s legal guardian after I pass away?
- What does the Court consider for an application to be the legal guardian?
- If both parents pass away, do the god parents automatically become the child’s legal guardian?
Are your children under the age of 18?
Contact MSA Lawyers to learn more.
