If you have minor children, having an estate plan in place is a must!
There are two important estate planning pieces to have in order to protect your child/children in the event something happens to you.
1. Guardianship Provision
If you have a minor child or children under the age of 18 it is very important that you have a guardianship provision included in your Last Will and Testament. This provision lets you name who you want as your child’s/children’s guardian. This particular provision is important because if you didn’t have it included in your Will, upon your death, the Court would decide who takes care of your child/children and their finances.
2. Declaration of Guardian
The second important document to have to protect your child/children is called a Declaration of Guardian. This document allows you to name the individuals who will be the guardian of your child/children in the event of your incapacity or disability. Like a guardianship provision, not having this document will result in the Court deciding who would take care of your child/children and their finances.
If you already have an estate plan, double check that you have these two pieces in place and if you need an estate plan, make sure your attorney includes them. Having these pieces will give you peace of mind knowing that your child/children will be taken care of if something happens to you.