Considerations for Selecting a Legal Gardian for Minor Children | Cary NC Carolina Family Estate

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• published: 06 Jun 2016
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http://www.carolinafep.com/ At Carolina Family Estate Planning, we understand that creating an estate plan is not the easiest topic to discuss. Perhaps the discussion started after a major life change, like a birth in the family or a loved one’s move to a nursing home. Regardless of the reason, rest assured that our firm is dedicated to providing members of the communities of North Carolina with extensive resources to help you make the best decision for you and your family. Together we'll create a plan that best fulfills your dreams and goals. We'll help you arrange your affairs in a way that is both personally satisfying and that meets your unique objectives—all while accomplishing substantial savings for your family in the long run. We believe in a team approach, working collaboratively with your other professional advisors. We will work closely with your financial advisor, accountant, insurance agent, or other advisors to ensure that your entire financial plan works together and is suitable for your situation. Learn every aspect of how to completely plan an estate in North Carolina: Wills, Trusts and Estate Planning Alzheimer's Planning Asset Protection Medicaid and Long-Term Care Veterans’ Aid & Attendance Executors, Trusts & Probate Protecting Minor Children Resources for People with Disabilities Carolina Family Estate Planning 51 Kilmayne Dr., Suite 203 Cary, NC 27511 Phone: 919-443-3035 email: info@carolinafep.com If I have minor children, what special considerations should I be thinking about during my estate planning? We find them on parents of young children where they chat to our office about planning for their minor children. Usually the first thing on their minds is talking about guardians, and that certainly is a very important part of the conversation. if anything happens to these parents, who are the best potential caregivers for your child; that’s really who those guardians should be. But there are other factors that you really want to be thinking about. Separate from who the best caregivers might be for your children, you also want to think about who should be the steward of the finances for your children. We usually call that person the trustee. In some instances, you may not want the trustee to be the same person that’s acting as guardian. Some parents like to have a little bit of separation, a little bit of checks and balances there to make sure that the funds are being used responsibly, or it could be that the person that you’re nominating as guardian might be a fantastic candidate as the caregiver, or maybe they’re not so great with money. Along those issues, as your children get older, you want to be thinking about when and how do I want my children to receive this money down the road. So as your children get older, the default by law if you don’t do your own cleaning is that the court system would turn any of the accounts over to your child at age 18. And I don’t know about you, but I’m yet to meet a parent that really thinks 18 is the best age to turn those accounts over to the minor beneficiaries. So the good news is, as parents, you put your own instructions in place, about how and when you want your children to receive their future inheritance, and you may even want to think about putting some incentives in place for them, things like making sure college expenses are covered, or incentivizing them to go to college or paying a graduate degree. Then the last thing that we usually suggest that parents with young children think about is emergency planning. So separate from nominating your guardians and trustees, what if there’s ever really time sensitive situation. Maybe there’s a family accident of some sort, so we usually take some additional measures. When doing things like nominating emergency guardians, those might be local friends, neighbors, nanny, whoever is available to you, that we authorize in an emergency contact to take care of your children. We don’t want to run into a situation where the authorities feel that they have to call Child Protective Services to take care of your children because we’re not sure what to do. And along that same vein, if you’re not available as a parent, who could make a medical decision for your child? So we also want to make sure we put some medical authorizations in place into getting who is authorized to make medical decisions for your minor children if you’re not available. https://www.youtube.com/channel/UCSCpaChv6O0Ryvex7f1oa7Q https://youtu.be/ydD_1A4n-FE