It’s a tragedy when a child loses both parents. While no amount of estate planning could help the child with the emotions they’ll feel during this time, having a plan set for their care could help to minimize the stress they feel in the days following their parents’ death.
It’s on you to make these plans for your children, and there are many facets to this estate plan that you have to consider. Here are some of the most important:
- You need to decide who will serve as your children’s guardian in your absence. There are several points that you need to consider when you’re choosing a guardian for your children. You need someone who will be able to keep up with the demands of raising children. They also need to be able to do things in a manner that’s consistent with how you would raise the kids if you were still around.
- You need to consider what financial support your children need. If you have assets that you can leave for the guardian to use to care for the kids, these can be done through your will and a trust. You can choose to put the guardian over these assets or you can choose someone else to handle the financial matters.
- You need to think about your final plans and your personal property. It may also be helpful for you to have your wishes for your funeral already outlined. While this won’t be in the formal estate plan, it can still be written out while you’re taking care of the estate planning. Similarly, you may want to specify whether your personal items should be saved for your children or disposed of in another fashion.
Your attorney can assist you in ensuring that you have everything in order so your children are taken care of if both their parents pass away. It isn’t a pleasant situation to think about, but you may have peace of mind knowing the planning is done if something happens to you.