Families with young kids have unique estate planning issues. Who is best suited to care for your young kids? This is the first question most estate planning attorneys ask their clients who have minor children. Putting together an estate plan which will fully protect your kids is much more complex than just nominating guardians. Family protection starts with a conversation which considers many aspects of your kids' lives.
Here are my top ten questions you should be able to answer with help from our estate planning attorneys, before you complete your estate plan:
1. Who would your kids live with, if they could not live with you? Ask your kids if they would want to live with your proposed guardian.
2. Will your nominated guardian be physically capable of caring for your kids, if you are unable to care for them? Consider age, health, financial stability, marital stability and willingness.
3. How old will your proposed guardian be when your kids reach certain milestones?
4. Who is financially savvy to care for your children's money?
5. How will you financially provide for your kids? Do you have the right type of life insurance that will actually pay? Will it be there when your kids are college age?
6. Is your nominated guardian willing to act?
7. Who will be named as an alternate guardian and ask questions 2-6 regarding your alternate guardian.
8. Has your nominated guardian ever filed bankruptcy? If your answer is yes, he or she may not be bondable.
9. Are there any special needs of your children which the guardian needs to know about to be able to make an educated decision about his or her willingness to act?
10. Does your guardian have any plans of leaving the State?
Mina N. Sirkin is a Certified Specialist Attorney in Estate Planning, Probate and Trust Law by the Board of Specialization of the State Bar of California. Ms. Sirkin has been a legal expert in the areas of trust and estates to CBS, CNN, MSNBC, CNBC, Inside Edition, KTLA, KNX, KFWB and many other media. http://SirkinLaw.com/attorneys.html. Tel: 818-340-4479.
Copyright 2009 Mina N. Sirkin
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