Choosing a Guardian for Your Minor Children
Step 3 – Ensure Your Child’s estate is adequately funded
Another critical step in Nominating a Guardian for your Children is to make sure there is enough money in your Child’s Living Trust to see them through to adulthood.
Asking another person, even a family member, to raise your children in your absence is a serious emotional and financial decision.
Not leaving them sufficient assets to raise your children, will cause a financial loss to their own family, as they will need to make up the shortfall.
It is your responsibility to make sure your children are fully provided for.
Set up a Living Trust to manage their inheritance. If your assets alone are not sufficient, then purchase a life insurance policy or annuity so that your child will enjoy the best standard of living until they are an adult.
Communicate your financial situation clearly to the potential Guardian, and ensure that they are willing and able to handle the commitment.
If you would like ideas on how to make sure your Child’s Estate is adequately funded, we invite you to consult with a Guardianship Attorney at Ainer & Fraker. We have helped hundreds of families choose the right Guardian for their children.
We know we can help your family as well.