If you are a parent, one thing that you need to do is designate a guardian for your children in the event that you and their other parent pass away. No one wants to contemplate their own mortality, but none of us have a lease on life.
If you don’t take the estate planning steps now to name a legal guardian for your minor children, you could wind up with someone other than your choice rearing your children.
In some cases, you may want to name your parents or siblings as guardians for your kids. But that may not be the case for all couples.
It’s not necessarily the best idea to choose a family member — even though the person or couple may love your children dearly. For instance, the kids’ grandparents may be too old or infirm to take on such a monumental task. And while your brother or sister may love being the fun uncle or quirky aunt, the prospect of a 24/7 commitment to child-rearing duties of one or more children may be more than they are able to take on.
There is also the issue of financial stability. Ideally, your estate planning tasks will include the purchase of a life insurance policy that will adequately provide for your kids and their educations.
The person whom you are certain will best rear your children and instill in them your values may not be financially astute. But you can appoint both a custodial guardian and a fiduciary guardian. The former will be responsible for the kids’ upbringing while the latter will manage their financial affairs until they reach the age of maturity or even beyond.
Once you become a parent, schedule an appointment with a San Antonio attorney who can help you draft a comprehensive estate plan that will provide for your children if you pass away.