Mistake #1: Not Having Written Instructions to protect your children in your estate plan.
April 1, 2024
Mistake #3: Not Naming Permanent Guardians for your Children as Part of Your Estate Plan
April 30, 2024
Most every one think about estate planning in case they die, but the truth is, that it is more common to need a temporary guardian for a child to cover an emergency than a long-term guardians because the parents passed away.
The Second common mistake parents make when Naming Guardian for their Children is Not Naming guardians for the short term.
We are not planning only for the possibility of dying or becoming incapacitated forever. We plan for all contingencies, and temporary guardians is one we need.
It is more common to need a short-term guardian in the event that an accident or another temporary incapacity occurs than a long-term guardian. Let’s say, a car accident that results in a few days at the thospital. While the person regains consciousness and can make decisions, we alraedy have someone who stepped in and cared for our kids.
In cases where a long-term guardian is needed but the person lives far away, a short-term guardian is also very important. So, a short-term guardian is someone that you want to be readily available for your children in any event. The long-term guardian may step in a few hours or even a few days later. The ultimate goal is that the children are always in the care of someone you trust and know will do for them as you would yourself.
Oftentimes, a neighbor is the most accessible person to take over the kids until you are well (if very short term), or they can step in for a few days until family members arrive and can take over for a longer period of time.
No matter what the case may be, make sure to think short-term first and enjoy peace of mind knowing that your childrne will never be with strangers and any event will be much more manageable for them, if it is every necessary.
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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.
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