Planning For Young Families
Wills alone do not provide enough protection for young families. While it is important to have a will, it will not protect your minor children if you or your spouse become incapacitated due to an injury, illness, or disease from which you may or may not be expected to recover. Young families may not want to consider such possibilities, but sound planning principles ask us to do so.
Who would you want to care for your young children if you and your spouse are unable to do so? Who will handle the finances to care for your children? Have you approached that individual or couple to ask if they would consider taking on this responsibility?
Appointing a standby-guardian prevents the uncertainty about who will care for your children before the court has the opportunity to formally appoint someone. Also, it tells the court who you want to have that responsibility. And, who you do not. Financial powers of attorney or revocable trusts can address the financial concerns.
Thinking through these issues, and working to ensure that your loved ones are cared for according to your wishes, are important steps in estate planning and better then leaving these decisions in the hands of a court.