Mistake #3: Not Naming Permanent Guardians for your Children as Part of Your Estate Plan

Life is unpredictable so we plan for the best but always prepare for the worse. If the worse were to happen, we have to make sure we are prepared and our children are protected. Thus, The Third common mistake to avoid when naming guardians for your children is Not Naming Guardians for the long-term or permanent guardians.

We never want to die or be permanently incapacitated; but if it happens, we want to make sure that the person we want is the person that will be raising the kids. We want to avoid that family member we don’t like or, worst, a total stranger to end up incare of the children, because we failed to include the rights provisions our estate plan.

For Example: I have seen parents who want their single, tavel-lover-young sister taking over their kids if it is not possible for them to care for the kids anymore.  But there is also the other sister who has a family, kids your kid’s age, and a good income, married, and stable. But you know how not like you the stable sister thinks, how not like you hers raises her their kids, and how much you do not want her raising your kids. 

Consequences: Absent any instructions from you, a court may look at factors like the above: financial stability, marital status, other kids of similar ages, and willingness to adopt, when making the decision of who will continue to raise your kids. The Court decision may ultimately be far from your wishes.

So, naming the right guardian for the long term for your children, in writing, is of ultimate importance to enjoy peace of mind knowing your plan is complete. It is not enough to have a Trust or a Will (those deal with our assets).

Please feel to share this and the other blogs in this series and reach out to us if you have any questions.

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THIS POST IS PART OF A SERIES: Ten Top Mistakes Families with Children make in Most Estate Plans. Mistake #1: Not Having Written Instructions. Mistake #2: Not Naming Guardians for the Short Term

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