Having a will for guardianship of your minor children is an important estate planning function for all parents. The issues surrounding the guardianship of minors can be complex, particularly when there are inheritances involved. This is why appointing a guardian is such an important aspect in planning the will.
Guardianship Defined
A guardian is the person who is responsible for the daily welfare and care of your children in your absence. A guardian has all of the rights, powers and duties that are typically given to the child's natural parents. This person will be a key component of your child's life if you become deceased before he or she is an adult. They will be vested with making important decisions on your child's behalf. This person should be someone you trust to carry out this important function so that your children are raised well, safe and sound. This includes adequate housing, food, clothing and education.
Importance of Guardianship
When a parent or parents pass away and there is no one appointed with the responsibility of handling the affairs of the children, the courts will be left to make decisions about who will have that responsibility. Sometimes a guardian gets appointed even when there is a surviving parent, if he or she is incapable of raising a child. In appointing a guardian, one must consider all short and long-term factors of the child's welfare. Appoint the person who can best do this job easily. Discuss all the important factors about raising your children with the intended guardian, as well as any specific wishes. Draft a Memorandum of Wishes to be attached to your will to address all concerns.
Parental Responsibility
It is particularly important for parents to have a will in place when they have minor children, even without significant assets. Otherwise, a court appointed guardian will be assigned to raise your kids, and that is not a scenario that most parents would be comfortable with.
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