Child Lifetime Planning
What is Child Lifetime Planning?
A legal document is essential to address the guardianship, education, and financial support for children in event of the unexpected. It provides peace of mind and security for both parents and children in the event of the parent’s death, disability, or incapacity.
Why do parents need a child’s lifetime planning, even if they have a will?
Here are some common mistakes when naming long-term legal guardians:
As a parent, it is crucial to consider naming backup candidates in the event that your first choice of guardian is unable to serve. Additionally, it is essential to evaluate what would happen if the named guardians are unavailable due to injury, death, or divorce.
Furthermore, it is important to consider what would occur in the event of one’s own incapacitation and the lack of protection for the children in such scenarios. A will only effect upon the death, while the child lifetime planning is effective immediately after signing.
It’s important to specify how the child’s assets should be used for their care and upbringing, and make provisions for the child’s education and healthcare. A child lifetime plan does include more details arrangements than a simple will, and the lifetime plan also allows parents to have more control over the guardianship of their child and the management of their assets, rather than leaving it to the court to decide.
It is also crucial to take into account the distance of the named guardians from one’s home and the potential delay in their ability to care for the children. A child lifetime plan can specifically appoint a short-time guardian and a long-term guardian.
It is also important to ensure that the designated care providers have knowledge of the location of the legal documents and the means to prove their designation as legal guardians.
Failing to consider these scenarios may result in the children being placed in the care of strangers or the inability for the named guardians to fulfill their role. It is imperative to consult with a legal professional to ensure that all potential scenarios are adequately addressed in one’s estate plan.
DID YOU KNOW
Did you know that...
If something happens to you or your spouse, your kids could be taken into child protective custody until the police can figure out who has the legal authority to take them?
Have you ever thought...
about how to appoint a legal guardian for your children?
Be one of the few...
69% of parents have not named a legal guardian for their children.