With all the considerations about your children’s well-being in the forefront of your mind each day, it can be easy to overlook some of the most important factors in keeping them well cared for and secure. That is, your overall estate plan, and the naming of a guardian or guardians to care for your children in the event of your untimely disability or death.
Do you have an estate plan in place? Have you ever considered the appointment of a guardian or standby guardian for your children? If so, when was the last time you reviewed your plan or reflected on your selections of a guardian or guardians? Children grow and change significantly as they mature from infants to young adults. Their care needs, as well as the question of who would make a good guardian for them, may change over time as well. Because your children’s lives are constantly evolving, a plan that worked even a few years ago may not work as well for your family today.
As a new school year approaches, it may be a good time to create an estate plan with guardianship nominations for your children, or review and potentially update your existing plan and nominations as follows:
Your Estate Plan: - It’s always a good idea to keep your estate plan as current as possible. The addition of a new child to your family, by birth or adoption, may require substantial changes to your plan. This may also be the case if any of your children have developed special needs, a health issue or addiction, or are now 18 or older. If any of these events has occurred since your last assessment of your plan, it may be important to consider changes to your plan at this time.
Guardianship Nominations- Are you a new parent? If so, congratulations! You may wish to nominate a guardian to care for your child in the event you and your spouse are unable to do so. Be sure to approach the person or people you have in mind and ask them whether they’re willing and able to take on this role. Setting up financial powers of attorney and trusts can help address the financial aspects of a guardianship arrangement.
- You may also want to designate a standby guardian who will be able to immediately care for your child until the courts formally appoint your nominated guardian. In the state of Virginia, children may be placed in foster care until the courts complete this work. Nominating a standby guardian will avoid this possibility.
- If you’ve already taken these steps, now may be the time to ask yourself the following question: Is the guardian you’ve chosen still the person you want to fill that role, given your children’s current needs? This may be an important consideration if your child has recently developed – or been identified as having – special needs, a serious health issue or an addiction. Is the guardian you chose willing and able to care for your child given this new set of circumstances? Have you discussed the details with them?
- Would your children be satisfied with your current choice of a guardian? The preferences of your older children may be a factor for you to consider as you revisit this decision.
Advance Medical Directive and HIPAA Authorization for an Adult Child: - When your child turns 18, you no longer have access to your child’s medical records. Setting up an Advance Medical Directive (AMD) and a HIPAA Authorization for your adult child will allow you access to their medical files and grant you some decision-making abilities in the event of an emergency. Whether your young adult child has decided to pursue work, a career in the military, a gap year, or a college education, these documents may be beneficial for you to have in place.
In Conclusion… If you have any questions about setting up or updating your estate plan or guardianship designations to provide for your minor children, or an AMD or HIPAA Authorization for an adult child, please make an appointment with us. We care about you and your children’s well-being, and we’re here to help. Give us a call today.
