Many parents think estate planning is something done only later in life, but it’s actually one of the most important things parents with minor children should do. As parents, it’s natural to avoid thinking about not being there to raise and support your children, but taking the time to make thoughtful decisions and put a solid estate plan in place now ensures that, if the unexpected happens, your children are protected, cared for, and your wishes honored.
Q: What’s the number one estate planning step that parents fail to take?
Formally naming guardians for minor children (those under the age of 18) is without a doubt the most overlooked step made by parents. Many parents assume their family members will “just know” who should care for the children, or that there are particular family members who “automatically” step in when needed.
But, without legally documented designations, it’s the court that decides who will raise your children if something happens to you, which can lead to family disputes, uncertainty, or your children raised by someone you wouldn’t have chosen. This is why naming guardians is one of the most essential protections you can put in place.
Q: Who should I choose as guardian for my children?
When thinking about who should serve as guardian for your children, start by focusing on familiarity and connection. Someone your children already trust and feel comfortable with can make the transition far less disruptive, especially during an already emotionally difficult time. It’s also important to think about where they live, as keeping your children in a familiar environment, school district, or community can help preserve stability and consistency in their daily lives.
From there, consider practical and personal factors such as the person’s age, health, values, beliefs, parenting style, and overall approach to discipline. The goal is to choose someone who not only loves your children but whose lifestyle and principles closely align with the kind of upbringing you envision.
Q: Should I talk to the person I want to name as guardian before making it official?
Yes, you should talk to anyone you’re considering naming as your children’s guardian before putting it in legal documents. Asking someone to take on this role is one of the most meaningful conversations you’ll ever have. Being a guardian is a serious commitment, so it’s important to give them time to think it over to confirm they’re willing and able.
This conversation also lets you share your values, expectations, and any practical considerations for raising your children in the unlikely event it becomes necessary, helping ensure they understand your wishes and giving you a chance to consider alternative guardian options if needed.
Many parents overlook the importance of estate planning altogether, including the critical step of legally naming guardians for their minor children. While it’s difficult to imagine not being there for your children, taking the time to create a customized estate plan ensures their care and protection if the unexpected happens. Planning ahead not only safeguards your children’s future but also provides peace of mind, knowing you’ve protected them no matter what happens tomorrow.
Click here to schedule a free consultation.