Choosing a Guardian for Your Children

Having children is both exciting and daunting. And if you are like me, you often wonder, who would raise them if something were to happen to me? Well, if you have children, you should seriously consider choosing a personal guardian -- someone to raise them in the event you can't.

While your children are young, consider some simple arrangements now that will allay some of your fears, knowing that if you can't raise your kids, you have someone to take care of them.

Naming a Personal Guardian
Name one personal guardian (and one alternate, in the event that your first choice is unable to serve) for your children. Legally, you may name more than one guardian, but it's generally not a good idea because should the co guardians disagree and cannot resolve their differences as to raising your kids. There are instances, however, where two people can care for your child. For instance, you could name a stable couple who would act as co parents. Place both names in your
Will, so that they each have the legal power to make important decisions on behalf of your child.

When choosing a guardian, think about the following:
-Is the prospective guardian mature and of age? (You must choose an adult -- 18 years old in most states.)
-Does the guardian sincerely care about your children?
-Does he or she have other children to care for?
-Does the guardian have any health concerns that would make it difficult for him or her to care for your children?
-Does the guardian have similar moral beliefs?
-Consider where your Guardian resides. Would your children have to move out of the state or country?
-Would you have enough financial assets to raise the children? If not, would your guardian be able to afford raising them?

Take your time to discuss your concerns with the prospective guardian. One or more of them may not be willing or able to accept the responsibility, or their actions and feelings about being the guardian may help you decide.

FAQs regarding Wills:

What happens if I die without a will?
If you don't make a will or use some other legal method to transfer your property when you die, state law will determine what happens to your property. Generally, it will go to your spouse and children or, if you have neither, to your other closest relatives. If no relatives can be found to inherit your property, it will go to the state.
In addition, in the absence of a will, a court will determine who will care for your young children and their property if the other parent is unavailable or unfit.
If you are part of an unmarried same-sex couple, your surviving partner will not inherit anything unless you live in one of the few states that allows registered domestic partners to inherit like spouses: California, Connecticut, Maine, New Jersey, and Vermont.


What is a Will?
A Will is a document containing directions setting out how the property of the person making the Will (the “Testator”) shall be distributed upon his or her death.

Are my debts forgiven when I die?
No.
One of the duties of an Executor is to determine the debts, including taxes, of the deceased person. The Executor must determine what debts you have and must satisfy those debts, including taxes, from the proceeds of your Estate prior to distributing your Estate to your Beneficiaries.

What happens with insurance proceeds when I die?
The death benefit payable under a life insurance policy is received tax free by the deceased’s Estate or by one or more named Beneficiaries. Insurance proceeds left to your Estate are then dealt with pursuant to your intentions set-out in your Will. Insurance proceeds left to a specific named Beneficiary do not form part of your Estate and pass directly to the named Beneficiary.

I saw a Will kit at a store. Why can’t I just use that?
Only an attorney can legally draft a will for a person, unless a person drafts his own will. Wills that are personally drafted with the help of a will form from a store are often incomplete, and therefore invalid under state law. An invalid will is worthless. Kits for writing a will are normally not state-specific. If your will fails to follow state law, it will be invalid

Estate Planning in a Nutshell

A will is the expression of the person's wishes concerning how their property is to be distributed. It is a written statement, signed in compliance with the various formalities covered by legislation. It is a legal document containing the names of the people you want to benefit, as well as details of your possessions at the date of your death. The people you want to benefit are called beneficiaries.

Basically, for a Will, you need to designate an executor or an executrix. An executor is a person who will manage the Will once a person passes. You should provide an alternate, also, in case that person is unable to serve as an executor. Usually, people choose a close family member who is around locally. If there are no family members situated locally, please choose someone that you ultimately trust.

Now, your Will should contemplate how you wish your assets to be distributed should something happen to you. If you choose minors as beneficiaries, you will need to create a trust, because a minor is not able to receive proceeds on their own.

A Living Will and healthcare proxy are also vital to your entire package. A Living Will takes effect when you either are in a irreversible coma or have a terminal illness. This document allows you to grant specific wishes as to how your health issues should be handled.

The health care proxy allows you to nominate a person who will act on your behalf with regards to your medical needs. You do not need to be terminally ill or in an irreversible coma in order for this health care proxy to take effect. The health care proxy, again, is a representative who will make your health care decisions if you are unable to speak or in a temporary unavailable situation.