Legal News from Sabrina Winters, Attorney at Law, PLLC

Thinking the Unthinkable: What Happens to Your Children When You Pass Away?

      One of the most common reasons I hear people give for drafting a will or estate plan is to ensure that their children are provided for if the unthinkable should happen. Estate planning with young children is a little bit different than planning as an older adult or senior citizen; parents of young children have two unique considerations:

1.      Who will care for my children when I am
         gone?
2.      How will my children be provided for?

      The first question can be answered by choosing a guardian. Choosing people to serve as guardians of your children is often the most difficult part of creating an estate plan. This is not a decision to take lightly. The thought that your children could potentially be raised by someone else is heartbreaking and almost unthinkable, but not thinking about it can have dire consequences.

     If you have not nominated guardians it is quite possible that if something happens to you, your children could be put in the care of someone you would never choose to raise your child.   The State of North Carolina would ultimately make the decision for you.

Here are some essential points to consider when choosing a guardian:

Age: A guardian who is too young may not be emotionally ready to care for a child. A guardian who is too elderly may not be physically capable of raising a young one.

Current Children: Does your guardian have children already, or plan on having children? How will this person's ability (or desire) to care for your children change as his or her own children grow?

Marital Status: If your guardian is married, do you like the spouse as well? After all, your child will be living in the same home as the spouse. If not married, are you comfortable with your child being raised by a single parent?

Religious Beliefs: Is it important to you that your child be raised with your religious beliefs?

Related by Blood or Marriage: Be careful when nominating an "in-law". Always consider the possibility of divorce, regardless of how happy they seem today.

Location: Will your child have to move (in or out of state) or change schools to live with your guardian? Moving is a difficult transition under any circumstances, let alone after your parents have just passed away.

Animals or Pets: If your child has allergies which may be drastically affected by living in a home with a pet, that home may not be the best place for your child to live.

Career and Lifestyle: Does your guardian have to travel for work or have a dangerous job? How will it affect your child to be put in daycare or potentially be faced with loosing another loved one?

Your Child's Feelings: Finally, you may think your guardian is perfect to raise your child, but how does your child feel about it?

      Once you have chosen a guardian, the next step is ensuring that your children will be provided for financially. Creating a Children's Trust insures that your kids will be taken care of, even if you can't be there to care for them yourself.

     What kind of trust you may choose to create for your children will depend on any number of factors, including their age, level of responsibility, and interests. Luckily, there are as many options for Children's Trusts as there are kids and situations.

      Parents may choose to create individual trusts for each child, making provisions for college and education, and encouraging fiscal responsibility with provisions to make distributions gradually over time, or by allowing them to be co-trustee of their trust at a certain age.

     Whatever your situation, a trusted attorney can help you find a way to comfortably provide for your children-and to continue to provide for them when they will need you most.