What happens to your children if you don’t have an estate plan?

If both parents died, who would care for the children? Your family could tell a judge what they think you would have wanted. But unless you made a valid nomination, the judge would have no written choice from you.

A court makes the legal appointment

A judge is responsible for appointing a guardian based on the child’s best interests. Family members can ask to serve. More than one person may believe they are the right choice. The judge may choose the same person you would have chosen, but will have to do so without your written direction.

A will lets you nominate the person you want the court to appoint and name backups in case that person cannot serve. The court still makes the final appointment, but your nomination gives the judge important evidence of your choice.

Raising a child and managing an inheritance are separate jobs

The person raising your children does not have to be the person managing their inheritance. A trust can name a trustee to manage money and property for the children under rules you set.

That separation can be useful. You might choose the person best suited to provide a home as guardian and someone else with strong financial judgment as trustee. Or you may decide that one person should do both jobs. The plan should reflect the people you actually trust, not an assumption that the roles must be the same.

The guardian question leads to several others

• Who is the first choice of guardian, and who is the backup?
• Who should manage inherited assets for the children?
• What can trust funds be used for while the children are young?
• When should a child begin managing an inheritance personally?
• Who can handle your finances or health care if you are alive but unable?

Start with the people, not the paperwork

You do not need perfect answers before speaking with me. Begin with the people you trust. Think about the practical strengths each person brings and any concern that makes the choice difficult. We can use that imperfect first list to make the decisions the documents need.