There is more to estate planning than creating a will or trust that helps pass your assets along to your loved ones after your death.
For example, you need to think long and hard about who will care for your children should you pass away before they reach age 18.
This is where naming a guardian comes into play. With a guardian in place, you know that there is someone who can step in and take over for you in the event that you’re no longer around.
Of course, there are other times when a person could be placed under a guardianship. This could happen if a family member is unable to care for him or herself as a result of dementia, mental illness or some other type of disease.
At our law firm, we make sure all our clients understand the ins and outs of a guardianship. There are many ways to set this up, so it’s important to understand all your options.
For example, a guardianship can be setup so that the guardian only has power over nonfinancial matters. Just the same, you may want to pass on some financial decision-making abilities to this person.
If you’re in the process of creating an estate plan, you’ll want to learn more about naming a guardian and guardianship in general. Just the same, if you already have an estate plan but have overlooked this detail in the past, it’s time to revisit it in the near future.
Once you better understand how a guardianship works, it’s much easier to choose the right person and be confident in your decision.