NEWS

If you have minor children, arguably the most important estate planning decision you need to make is choosing a guardian for them should the unthinkable occur. If you haven’t yet made this decision, formalize your choice as soon as possible.

When it comes to choosing the best candidate, you probably already have a short list consisting of members of your immediate family. This is an excellent start, but don’t forget about extended family members and trusted friends.

Things to consider

There are many issues you’ll need to consider in making your decision. Perhaps the most important issue is whether you and your guardian choice share similar values, such as parenting philosophy, religious and moral beliefs, and educational views.

Usually, a family member or friend who shares your values is a good candidate. But even if your brother, for example, doesn’t share your religious beliefs, it doesn’t mean you should cross him off your list. You likely won’t find a person who shares all your values.

Here are a few questions to consider when evaluating potential guardians:

• Do they want to serve as guardians?
• Does your estate plan provide sufficient resources so that caring for your children won’t cause an economic hardship for them?
• If they’re married, is the marriage stable?
• If they have children, do your children get along with them?
• How old are they in relation to your children? A grandparent or other older person may not be the best choice to care for an infant or toddler, for example.
• Are their homes large enough to make room for your children?

Don’t let the court decide

If you fail to name a guardian in your will, a court will appoint one should it become necessary. The court will base its decision on its assessment of the best interest of your child.

But that assessment may be different from your own, and its selection may not be your first choice. So, it’s important to name your candidate. This is typically handled through a will, though procedures can vary from state to state.

Make a decision

After giving it some hard thought, it’s time to make a final decision. In addition to identifying your first choice, select one or two alternatives. If your first choice decides he or she isn’t up to the responsibility, you can turn to others.

When asking the person to be your child’s guardian, ensure he or she clearly understands your expectations and a guardian’s responsibilities. Also, give the prospective guardian time to consider your proposal. It isn’t a responsibility to be taken lightly.

Most parents select a guardian during the process of making a will or estate planning. Contact us with any questions.

© 2019

You probably don’t have to be told about the need for a will. But do you know what provisions should be included and what’s best to leave out? The answers to those questions depend on your situation and may depend on state law.

Basic provisions

Typically, a will begins with an introductory clause, identifying yourself along with where you reside (city, state, county, etc.). It should also state that this is your official will and replaces any previous wills.

After the introductory clause, a will generally explains how your debts and funeral expenses are to be paid. The provisions for repaying debt generally reflect applicable state laws.

Don’t include specific instructions for funeral arrangements. It’s likely that your will won’t be accessed in time. Spell out your wishes in a letter of instructions, which is an informal letter to your family.

A will may also be used to name a guardian for minor children. To be on the safe side, name a backup in case your initial choice is unable or unwilling to serve as guardian or predeceases you.

Specific bequests

One of the major sections of your will — and the one that usually requires the most introspection — divides up your remaining assets. Outside of your residuary estate, you’ll likely want to make specific bequests of tangible personal property to designated beneficiaries.

If you’re using a trust to transfer property, make sure you identify the property that remains outside the trust, such as furniture and electronic devices. Typically, these items won’t be suitable for inclusion in a trust. If your estate includes real estate, include detailed information about the property and identify the specific beneficiaries.

Once you’ve covered real estate and other tangible property, move on to intangible property, such as cash and securities. Again, you may handle these items through specific bequests where you describe the property the best you can.

Finally, most wills contain a residuary clause. As a result, assets that aren’t otherwise accounted for go to the named beneficiaries, often adult children, grandchildren or a combination of family members.

Naming an executor

Toward the end of the will, name the executor — usually a relative or professional — who is responsible for administering it. Of course, this should be a reputable person whom you trust. Also, include a successor executor if the first choice is unable to perform these duties. Frequently, a professional is used in this backup capacity.

Cross the t’s and dot the i’s

Your attorney will help you meet all the legal obligations for a valid will in the applicable state and keep it up to date. Sign the will, putting your initials on each page, with your signature attested to by witnesses. Include the addresses of the witnesses in case they ever need to be located. Don’t use beneficiaries as witnesses. This could lead to potential conflicts of interest. Contact us with questions.

© 2019