Who Would Raise Your Children Should the Unthinkable Happen?
I consistently see parents struggle in the estate planning process over who will raise their children if they die before their children have grown up. As difficult as this thought is to consider and plan for, I commend my clients for having the courage to take on this issue and plan for it.
Looking ahead and planning for the future, even an unpleasant or undesirable future, is a key element of being a parent.
Here are three tips for tacking this process:
1. Understand the Law
Florida Statute 744.3046 covers the naming of a preneed guardian for a minor child. It states that a minor’s natural or adoptive parents, or the surviving parent may name a preneed guardian.
What’s Required?
The declarant must:
Create a written declaration that identifies the guardian and the declarant;
Sign the declaration in front of at least two witnesses;
Include the minor’s full name, date of birth, and social security number.
The preneed guardian takes over immediately if the declarant becomes incapacitated, and must petition the court for confirmation of their appointment within 20 days of taking over.
2. Consider the contingencies
Your job as a parent is to look ahead. Five years from now, the person you nominate to serve as guardian may be divorced, may have moved away, suffered a debilitating financial hardship, or have died. It is important to review the guardianship provision of your estate plan on an ongoing basis, to make sure that your choices fit well with current reality. It is also important to nominate alternate guardians, in the event your first choice is unwilling or unable to serve. Backups are crucial.
3. Tackle the conversations
Choosing a guardian for your minor children involves a lot of conversations. Parents need to discuss this issue, even if they are no longer together as a couple. Ideally, each parent will have guardianship provisions in his or her estate planning documents, and parents must have in-depth discussions with the proposed guardians about their willingness to serve, ideas about how their children should be raised, values etc.
Remember the alternative to not nominating a guardian is to have a judge decide who should serve, without input from you. It is not ideal. I encourage you to embrace this responsibility rather than pass it off to the courts.
Need help? Have questions? Please contact us. We are happy to help you work through these guardianship concerns as part of your estate planning, so that your selection is wise and properly documented.
Any questions? Please contact our office at fatima.hasan@fiducia-law.com
or schedule an initial consultation.
