Your bundle of joy has arrived, and now you’re trying to figure out the new schedule and when you’ll ever get any sleep again. Also, in the back of your mind, you know that you should probably “do something” about your will or figure out what will happen should you pass away. Now there’s another life to worry about! But time passes, you don’t know what to do or how to do it, or who to ask, so it gets placed on the back burner. Suddenly Junior is 14 and you’re dealing with the death of your parents. What are the things you wish you had known when Junior was a baby?
- The time to do your estate planning is NOW. Should both parents be in an accident and hospitalized for a period of time (or, obviously, if you die), Junior could end up in the court system and/or in foster care. If you do not choose who will care for your child if you cannot, then the court will decide.
- Having the court decide who will be the guardian for your child is NOT what you want. When the court decides, the court does not have the time or ability to distinguish between your crazy Aunt Rose, who you have not seen in years, who lives in a small town in Arkansas (not that there’s anything wrong with Arkansas) and can’t seem to keep a steady job, and your sister and brother-in-law who are close to the entire family and would be the perfect guardians. If YOU don’t decide who is going to raise your child, a stranger will.
- Not being able to decide on who your guardian will be it not a good excuse for delaying your estate plan. A good estate planner will help you decide. In addition, while you may not have decided definitively, you have probably narrowed the field among the options. Remember, the court won’t know who you have ruled out. I can help you to know what to think about, what to consider in making the decision, how to make the decision, and how and when to change it.
Don’t wait. Once you have a child, it’s time to put your affairs in order. You love your family and you love your child: it’s them, not you, who will suffer if you neglect these very important tasks.