Who will care for your children should something happen to you? This question is of the utmost importance to every parent. Fortunately, Florida and Texas laws give you the option to nominate a guardian (and alternative guardians) for your children in advance of any emergency.
Usually, decisions about who will care for your children is included in a will, but it can also be outlined in a stand-alone document. This is especially important should you be incapacitated but still living. In these situations, wills are not effective. Guardianship laws allow you to protect your children, and by planning in advance, you have the power to ensure your children’s safety and their physical, financial, and emotional well-being. The designated guardian could be a spouse, a close friend, a relative, a grandparent, or an adult sibling. Until the child reaches the majority age, the guardian is generally responsible for daily care and guidance as well as the management of any assets or possessions.
For single parents, choosing a guardian may not be an issue if your child’s other parent is living and available. However, you may still wish to provide financially for your child in a manner that you direct. I can help you understand your options to make sure that your financial assets—retirement accounts, life insurance proceeds, bank accounts—are used in the way you intended for the continued care of your child. You could also choose for any assets to go into a trust until certain conditions, such as a child reaching a certain age in adulthood, are met.
I will be glad to answer your questions and help you formulate a plan that makes sense and puts your mind at ease. Contact my office today to speak with me directly or to arrange a meeting.