Parents of young children need to ensure that they have plans for the kids just in case something happens to both adults. This isn’t an easy thing to think about, but making these estate plans now can help you feel more secure since you know that your children will be cared for if you aren’t around any longer.
There are several things that you need to do when you are making these plans. One of the most pressing is to decide who is going to raise the children for you. This individual needs to be named as a guardian for the kids. It is a good idea to have more than one option in your estate plan. You could have a primary, secondary and tertiary just in case there are issues with the primary option.
The guardian should be someone who can handle the responsibility of the children. While you might be tempted to name someone older, such as your parents, remember that you need someone who can care for the kids until they become adults. In some cases, a sibling or friend might be the best option.
You also need to think about how they will afford the expenses that come with raising a child. You might consider naming that person as the payable on death designee for financial accounts so that they can use that money to care for the children. By doing this, you can get them funds more quickly than what might be possible if you rely solely on a will.
Make sure that you also outline what you want for your end-of-life care. If you are incapacitated, this takes some guesswork out of what needs to happen. The same is true about funeral planning, but make sure you don’t include this in your actual will since a will might not be read quickly.