As parents, one of the most important responsibilities we hold is ensuring the safety and well-being of our children, especially in the event of unforeseen circumstances. At Carroll Law, we understand that securing a guardian for your minor children is not just a matter of planning for the future – it’s about protecting your family’s future and ensuring peace of mind.
Protecting Your Children with a Designated Guardian
No one wants to think about the possibility of an untimely passing, but as a parent, it’s crucial to plan for the unexpected. When you have minor children, choosing a designated guardian should be a top priority in your estate planning process. This individual will step into your shoes and care for your children if you are unable to do so.
By designating a guardian in your will, you ensure that your children are cared for by someone who shares your values and can provide them with a loving and stable environment. At Carroll Law, we are committed to guiding you through this emotional and vital decision, so your children are protected in case the unthinkable happens.
Financial Support for Your Children
In addition to selecting a guardian, it’s essential to address your children’s financial needs should you pass away unexpectedly. A term life insurance policy is a common and affordable way to provide for your children’s financial future. However, since children cannot manage their own assets, you need to appoint someone to oversee and distribute these funds on their behalf.
You can establish a living trust or a testamentary trust within your will, both of which will empower your designated trustee to manage these assets and ensure your children’s financial security.
Advance Directives: Planning for Your Health and Medical Decisions
Estate planning is not just about planning for your children—it’s also about ensuring that your health care decisions are in order, particularly if you become unable to communicate due to an illness or accident. Having advance directives, such as a living will, and appointing someone to make medical decisions on your behalf is crucial, even for younger individuals.
With a durable power of attorney for health care, you can name a trusted person to make important medical decisions if needed. Additionally, a HIPAA release ensures that your health care representative has access to the necessary medical information.
Planning for Your Young Adult Children
As your children grow older, their estate planning needs evolve. Once your child reaches the age of 18, they are considered an adult in the eyes of the law. At this point, it’s essential to consider updating their estate planning documents to include a HIPAA release, which will allow parents access to medical information if needed. Without this form, medical professionals are prohibited from sharing any information about your child’s health.
Schedule a Consultation Today!
Protecting your family and ensuring that your minor children and young adults are cared for in the event of an emergency is a priority that cannot be overlooked. At Carroll Law, we’re here to help you navigate the complexities of estate planning, including choosing a designated guardian and ensuring your children’s well-being.
Reach out today to schedule a consultation with our experienced estate planning attorneys. Together, we’ll build a plan that safeguards your family’s future. Call us at (830)554-4055 or request an appointment online. Let us help you secure the protection and peace of mind your family deserves.