As parents, ensuring our children’s safety and future well-being is our top priority. We provide for them, nurture them and dream of their bright futures. But have you considered what would happen to them if you were no longer around? While it’s uncomfortable to think about, it’s essential to plan for the unexpected to avoid leaving your children’s future in the hands of others who may not align with your wishes.
The myth of automatic care
Many parents assume their children will automatically be cared for and inherit their assets if something happens to them. However, without proper planning, the court appoints a guardian and trustee, potentially leading to costly decisions by people unfamiliar with your values.
Worse, at 18, your child gains full control of their inheritance. While intended to support long-term goals like education or housing, young adults often lack the financial maturity to manage such funds, risking impulsive spending or falling prey to scams.
Protect your children with proper planning
The solution lies in implementing proper kids protection planning. This legal framework ensures your children’s care and financial security are handled exactly as you wish if you’re no longer there.
- Appoint trusted guardians: Proper planning allows you to name guardians who will care for your children, ensuring they’re raised by people you trust rather than leaving the decision to a judge unfamiliar with your family.
- Protect their inheritance: The plan also includes a strategy for managing your assets on behalf of your children. Instead of handing over the funds outright, you can set guidelines for how and when the money is used – whether for education, living expenses or milestones like buying a home.
- Ensure alignment with your wishes: Proper kids protection planning goes beyond legal guardianship by providing detailed instructions about your values, priorities and preferences for your children’s upbringing.
Leave clear instructions
Your plan should include specifics about your children’s care, such as: faith and religious practices, educational philosophy and preferred schools, extracurricular activities and interests, health considerations, including medical care and nutrition.
You’ll want to ensure that everyone named as a guardian or trustee is aware of your wishes and has access to the necessary documents.
How an attorney can help
Creating a proper kids protection plan is not just about drafting documents – it’s about crafting a comprehensive strategy for your children’s future. If the unthinkable happens, your loved ones will have expert guidance every step of the way. Planning for the unexpected now is the ultimate gift of love and security for your children. Don’t leave their future to chance – take action today.
STop of Formend your questions to ccolan@colanlegal.com and use “Alpine Mountaineer estate planning question” as the subject. We’ll answer your questions in our upcoming issues.
This article is provided by your local estate planning attorney, Corina Colan.
The Law Office of Corina I. Colan / (909) 265-3315 / www.colanlegal.com
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