Mistake #8: Not Making a plan that financially provides for your children.
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Do your chosen guardians know what and how you would like your chilren raised?
Not Communicating the parent’s wishes to the Chosen Guardians is the ninth mistake parents usually make when planning and naming guardians for their children.
It is common to assume that your chosen guardian will be there for your kids no matter what. The reality may be different, and you do not want surprises when you can no longer fix them.
Some family members or friends may be willing and able to take over our kids for a few days or a week or so, but no longer than that.
Some family members or friends may have long term, professional, personal, or financial goals, and are not able or willing to give them up to care for your kids when the times arises. Some people are simply not willing or comfortable taking on the responsibility. Others simply do not want children in their lives permanently.
So, making sure those you would love to care for your children are as on board as you are, is seriously important.
Talk openly about your choice of guardians and make sure they are willing to make the necessary changes in their lives to accommodate and provide for your kids.
If someone does decide to take over, their lives are going to dramatically change as well. So, be mindful and understanding.
Remember, estate planning is not just about a Will, it entails all the protections your family may need. Think ahead, plan and make sure you protect them in the right way. Enjoy your peace of mind knowing they are protected.
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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 Mistake #3: Not Naming Alternate Guardians Mistake #4: If Naming couples as guardians, be very careful naming alternates Mistake #5: Naming Couples without specifying if one of them can be the alternate. Mistake #6: Proper instructions for the babysitter. Mistake #8: Not Making a Plan that Financially Supports your Children.
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