As a parent, the well-being of your children is always a priority. You search for ways to protect them and provide them with the best possible future. You plan meals, babysitters in case they are sick, birthdays parties with friends, soccer games, school supplies and so much more. But have you thought about or planned for "what if I am no longer here"?
One step in providing for your children should be to have an estate plan in place. If you have minor children, or a child with disabilities that will last a lifetime, there are other things to keep in mind to help better protect them. Putting a Will in place and naming a legal guardian in your Will is a crucial step in safeguarding your minor children’s future.
The process of choosing who to appoint to care for your children is personal to you. When choosing someone to care for your children, take the time to think about what is important to you. You may want to think about people who share your values, parenting style, and have a good relationship with your children. At the same time, remember to think about that person’s age, health, location, and ability to provide the emotional and financial support that your children will need between now and when they turn 18. You may want to name one person to take care of your children while naming someone else to be in control of any money that they may receive as a result of your death. It’s also wise to talk with the person you want to appoint to take care of your children to be sure that they are willing and able to take on the care of your children.
Naming a replacement to care for your children is also a good idea in case your first choice is unable or unwilling to take on the job when the time comes. It is also a good idea to review and update your Will when life (birth, death, marriage, divorce, disability, moving to a new home, winning the lotto – hey, you never know!) happens to be sure that your Will reflects your wishes as things change in your life.
Failure to prepare a Will and name someone that you want to care for your children will result in the court naming someone to care for your minor children. This is why it is important to discuss your estate planning with an attorney so they can write up and properly sign a Will that follows New York laws. MCV Law is here to help. We will make sure that your wishes are clearly outlined should something happen to you, and we will be there to answer your questions, provide legal guidance, and make updates when needed.
Give yourself peace of mind by getting your estate plan in place. Knowing that your children will be properly cared for and protected, even in your absence, is a powerful and happy feeling to carry each day. To learn more, connect with our experienced and compassionate Estate Planning team today.