Guardianship/Naming Legal Guardians for Minor Children
69% of parents have not named legal guardians for their children. Of the 31% who have, most have made one of 6 common mistakes. That means that if you have minor children at home (or children who have special needs), it’s time to review your plan for their care, if and when something happens to you.
Then, consider taking the very first step that every parent must have in place
(no matter whether you have $1 or $10 million), and name legal guardians for
your children for the long-term here.
Finally, if you have not already read the book Wear Clean Underwear, it’s the
best-selling book on legal planning for parents and it’s a must-read. You can
get a copy of it with my compliments for free here.
If you and your spouse/partner cannot agree on who would be the ideal
guardian(s) for your kids, that’s something we can help with. We have
special training from the Family Wealth Planning Institute on helping parents
work through this critical decision. If you do nothing, the decision about who
would raise your children (if something were to happen to you) would be left
up to a judge to decide.
A judge who doesn’t know you, doesn’t know what’s important to you, and
doesn’t know your children will make all the decisions about who cares for the
people who are most important to you in the world.
We know that’s not what you want.
And, truth is … there may never be a perfect solution for you, but there is definitely a solution that is better than your children being raised by someone you didn’t choose. Perhaps you think the way so many parents do, “if we don’t anticipate it, it will never happen, right?” Then I guess that means you don’t need things like insurance or any other type of protection since bad things never happen to good people, right? And wouldn’t it be great if that were true.
Responsible parents protect their children, and that means you must think about the unthinkable.
Fortunately, there is a sensible approach to the selection of a guardian for your children that makes it a lot easier. And we can guide you through this most important of decisions.