Your children rely on you for their care, so what happens if you die? Creating a plan for what happens to them in the wake of your unexpected death should become a priority.
An estate plan should include many provisions, including one that appoints a tutor (sometimes also called a “guardian”) for minor children. A tutor is the person legally responsible for overseeing the property left to the minor child and must see to their health, education and general welfare. Delve into these suggestions for handling the critical task of appointing a tutor.
Who fits your parenting style?
How will you choose a tutor? The natural place to look is immediate family members. Avoid anyone with known health conditions that may preclude them from caring for your children. Choose someone whose beliefs align with yours. You want your children raised by someone as close to you as possible, in both style and bond.
Should you tell them?
Once you settle on the tutor, schedule a time to meet about it. While you may consider it an honor, others may not. The last thing you want is to place your children in a negative situation so close to losing you. Having an open and honest conversation with your choice is essential.
Do your financial wishes support the tutor?
While thinking about who you wish to name as a tutor for your minor children, you should also carefully consider the financial side of your estate. Creating a financial plan to support your children will help the transition after your death. You may want to give them access to the money required for their health, education, maintenance and support, while at the same time stashing away some for their use later in life. Fiduciary tools, such as trusts, help provide financial care for your children through their lives.
Considering your children first when formulating a plan for the estate is crucial to ensuring you give them what they need. Even in your absence, you can set them up with the tools to receive the level of care they deserve.