Estate planning is a critical aspect of life, especially when you have or plan on having children. Guardianship, an often-overlooked component of estate planning, plays a crucial role in protecting your children’s future should an unfortunate event occur. This article will discuss the importance of establishing guardianship in your estate plan and how it can ensure your children’s wellbeing.
Guardianship: The Understated Aspect of Estate Planning
For parents, a paramount concern is always the welfare of their children. This concern should extend beyond life’s normal course, encompassing scenarios where parents may not be around to take care of their children. This is where guardianship comes into play in your estate plan.
When reviewing an estate plan that includes minor children, stipulating who will assume guardianship of your children is critical. This refers to specifying who will be responsible for your children’s care if something happens to you.
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Estate Plan: Avoiding Disputes and Ensuring Continuity
Consider a scenario where you’re married, and both sets of parents, in-laws, and your parents, are alive and adore your children. In case something happens to you and your spouse, without a clearly stated guardianship in your estate plan, a dispute could potentially break out among the grandparents about who will take care of the children.
Establishing guardianship helps to avoid such disputes, stress, and friction within families. By stating explicitly who the guardian of your children should be, you eliminate ambiguity and potential conflict. This clarity can be achieved through a comprehensive estate plan that includes a will or trust.
Conclusion: Ensuring Your Children’s Future
Understanding that estate planning is not just about the distribution of your wealth but also about the future of your children is critical. Ensuring that your children will be well taken care of and eliminating potential disputes among family members can be achieved through a comprehensive estate plan. You can watch a recording of our Podcast, “What is an Estate Plan” below to get a deeper look at guardianship, living trusts, wills and more.
If you have questions regarding coming up with a comprehensive estate plan, please reach out to us. We would love to provide guidance.
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Important Disclosures
MDRN Wealth LLC does not provide specific legal or tax advice. Please consult with professionals in these areas for specific legal and tax recommendations. The information provided herein is general information. It is not intended to be construed as investment, tax, or legal advice. Information in this article is not an offer or solicitation to purchase, sell, or endorse a specific company, security, investment vehicle or strategy. Investing involves risk and the possible chance for loss of principal. Please consider your tolerance for risk before investing. Past performance is never guaranteed and future results can vary. Opinions conveyed by MDRN Wealth LLC cannot be viewed as an indicator of future performance and are subject to change. Results may vary. Use information at your own risk.
