Category: Wills

Estate Planning When You’re Single

Estate Planning When You’re Single

Estate planning when you’re single can be daunting when there is no one to assist you. For one woman, the wake-up call arrived when listening to a friend explain all the tasks she needed to perform for her 91-year-old mother, whose needs were increasing rapidly. Solo agers, people who are growing older without spouses, adult children, or other family members, are now a significant part of the older population, says the article “Going Solo: How to Plan for Retirement When You’re on Your Own” from The New York Times.

Seniors who are married or have adult children have many of the same retirement planning issues as their solo ager counterparts. However, figuring out the answers requires different solutions. Managing future healthcare issues, where to live and how to ensure that retirement savings lasts needs a different approach.

Options must be addressed sooner rather than later. Estate planning is a core part of the plan. While you can’t plan everything, you can anticipate and prepare for certain events.

Determining who you can count on in a healthcare crisis and to handle your financial and legal issues is key. This is challenging when no obvious answers exist. However, it should not be avoided. You’ll need an estate plan with advance directives to convey your wishes for medical treatment and end-of-life care.

An estate planning attorney will help draw up a Power of Attorney, so someone of your choice can step in to make legal and financial issues if you become incapacitated. You’ll also want a Healthcare Proxy to name a person who can make medical decisions on your behalf if you can’t communicate your wishes. While it’s comfortable to name a trusted friend, what would happen if they aren’t able to serve? A younger person you know and trust is a better choice for this role.

A Last Will and Testament is needed to establish your wishes for distributing property. Your will is also used to name an executor who administers the will. Think about people you trust who are a generation or two younger than you, like a niece or nephew or the adult child of someone you know well. You’ll need to talk with them about taking on this role; don’t spring it on them after you’ve passed. Just because someone is named an executor doesn’t mean they have to accept the role.

Where you age matters. From safety and socialization standpoints, aging alone in a single-family home may not be the best option. Having a strong network of friends is important for the solo ager. Moving to a planned community with various support systems may be better than aging in place. Explore other housing options while you are still able to live on your own, so you can make an informed choice if and when the time comes for community living.

Estate planning when you’re single doesn’t have to be a headache. A combination of professional help will make the solo aging journey better. An experienced estate planning attorney, financial advisor and health insurance source can help you navigate the legal and business side of your life. Check with your town’s senior center for available social services and activities resources. If you would like to learn more about planning as a single person, please visit our previous posts. 

Reference: The New York Times (Sept. 21, 2024) “Going Solo: How to Plan for Retirement When You’re on Your Own”

Image by gabananda

 

The Estate of The Union Podcast

 

Read our Books

Gen Zers Need Estate Planning

Gen Zers Need Estate Planning

Gen Zers need estate planning. They may still be young, ages 17–27. However, this doesn’t mean some don’t have ownership and assets to protect with estate planning. Medical emergencies and car accidents happen to people of all ages. An estate plan protects the person as much as their property. The sooner you have a plan in place, says a recent article from yahoo! finance, “Why Gen Z Should Be Thinking About Estate Planning,” the better.

For many young adults, estate planning is like buying rental insurance. You don’t expect to deal with a fire or have your home broken into. However, having insurance means if such events happen, your possessions will be insured, and you’ll be made whole.

Gen Zers who are signed up for employee benefits like 401(k)s or retirement plans already have assets to be passed to another person if they should die young. These accounts typically feature beneficiary designations, so they should be sure to have those completed properly. Many Gen Zers name their parents or siblings as their beneficiaries at this point in their lives. The future may bring new relationships, marriage and children, so they must update these beneficiaries throughout life.

While practically everyone using a cell phone or computer has digital assets, Gen Zers are likely to have more digital currency and crypto in digital wallets. They may have intellectual property on platforms, including TikTok or YouTube. These assets need to be protected in a digital estate plan. The information required to access these accounts should not be in a last will and testament. However, they should be documented so the assets are not lost.

Other digital assets don’t have any value. Users don’t have the right to transfer the assets, like social media accounts or music files. Having a conversation with a digitally savvy person about these assets and providing them with login and account information is an integral part of an estate plan.

Gen Zers do need a will. Without a will, the estate will get tangled up in probate, a court process where the laws of your state determine who inherits any possessions. This takes time and court fees can add up quickly.

Having a will created with an experienced estate planning attorney encourages a review of assets, providing a perspective of finances that one might not otherwise have early in their career.

Estate planning also includes planning who will make medical and financial decisions in case of incapacity. These documents, including a Power of Attorney, Healthcare Proxy, Living Will and other documents, are state-specific. Once someone becomes a legal adult, neither parents nor siblings can be involved with medical care or handle finances, unless these documents are created and executed. Trusted friends can also take on these roles.

Gen Zers need estate planning. They should make an appointment with a local estate planning attorney. They’ll provide guidance through the process. Regardless of age and stage, having a plan creates peace of mind for young adults and their family members. If you would like to learn more about planning for young adults, please visit our previous posts.

Reference: yahoo! finance (Sept. 17, 2024) “Why Gen Z Should Be Thinking About Estate Planning”

Photo by cottonbro studio

 

The Estate of The Union Podcast

 

Read our Books

The Estate of The Union Season 3|Episode 10

The Estate of The Union Season 3|Episode 10 is out now!

The Estate of The Union Season 3|Episode 10 is out now! In his prior legal life, Brad Wiewel was a family attorney for about ten years. That work helped him understand at a very deep level the challenges of single parenthood.

One of those is making sure plans are in place in case the single parent dies or becomes mentally incapacitated – which is something that rarely comes to mind. That’s because other, seemingly more urgent needs crowd it. In this episode of The Estate of the Union, Brad discusses WHY single parents MUST do estate planning!

He also discusses guardianship, (Who is going to raise the children) and HOW money can be spent -and by whom!

Brad has always had a passion for helping single parents and this edition of The Estate of the Union may be one of the most important ones we have produced. We hope you find it beneficial to you or a loved one.

 

 

In each episode of The Estate of The Union podcast, host and lawyer Brad Wiewel will give valuable insights into the confusing world of estate planning, making an often daunting subject easier to understand. It is Estate Planning Made Simple! The Estate of The Union Season 3|Episode 10 is out now! The episode can be found on Spotify, Apple podcasts, or anywhere you get your podcasts. If you would prefer to watch the video version, please visit our YouTube page. Please click on the links to listen to or watch the new installment of The Estate of The Union podcast. We hope you enjoy it.

The Estate of The Union Season 3|Episode 10

 

Texas Trust Law focuses its practice exclusively in the area of wills, probate, estate planning, asset protection, and special needs planning. Brad Wiewel is Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization. We provide estate planning services, asset protection planning, business planning, and retirement exit strategies.

www.texastrustlaw.com/read-our-books

The Difference Between an Heir and a Beneficiary

The Difference Between an Heir and a Beneficiary

When it comes to estate planning, it’s essential to understand the difference between an heir and a beneficiary. While these terms are often used interchangeably, they have distinct meanings that can affect who receives your assets after you pass away. According to Nerd Wallet, knowing how heirs and beneficiaries work is key to ensuring that your estate plan reflects your wishes and protects your loved ones.

An heir legally inherits property from a person who dies without a will, a situation called dying intestate. When someone dies intestate, the state’s probate court follows local laws to determine who the heirs are and how the property should be distributed.

The closest relatives are usually given priority. For example, a spouse or children are often the first to inherit, followed by parents and other family members like siblings, nieces and nephews. The specifics depend on your state’s inheritance laws, so it’s always wise to understand how this works in your area.

If you have a will or trust, heirs are not automatically guaranteed to inherit your property, unless they are named beneficiaries.

A beneficiary is a person or entity specifically named in a will, trust, or other legal document to inherit assets. Unlike heirs, beneficiaries can include family members, friends, charitable organizations or even pets.

Beneficiaries are designated through estate planning tools such as wills, trusts, or life insurance policies. You can name specific people to receive certain assets and include instructions on what should happen if one of your beneficiaries cannot inherit. This flexibility allows you to customize your estate plan according to your specific wishes.

If you pass away without a will, the court will decide who your heirs are based on state law. On the other hand, if you have a will or trust, you get to choose your beneficiaries. Doing this prevents you from leaving the decision to the court, ensuring that your assets are distributed the way you want.

For example, if you want your spouse to inherit most of your assets but also wish to leave a portion to a close friend or charity, you can name them as beneficiaries in your estate plan. This way, you control who inherits your estate instead of relying on default state laws.

If you don’t have a will or don’t name beneficiaries on key assets, such as life insurance policies or retirement accounts, your loved ones may have to go through the probate court process. The court will use intestacy laws to determine your heirs and distribute your assets, which might not align with your wishes.

In some cases, if no heirs can be found or named, your estate could go to the state through a process called escheat. This situation can leave your family without the inheritance you intended for them. Create a clear, legally binding estate plan that outlines who your beneficiaries are to avoid these outcomes.

Naming beneficiaries in your estate plan is straightforward but requires careful thought and organization. Here’s how you can start:

  1. Take inventory of your assets – Make a list of everything you own, including property, investments and sentimental items.
  2. Decide who will benefit from your estate – Consider who would benefit the most from your assets. You can choose close family members, friends, or even charitable organizations.
  3. Name beneficiaries in a will or trust – Work with an estate planning attorney or use an online service to create a will or trust that clearly outlines your beneficiaries.
  4. Update your beneficiary designations—Name beneficiaries directly on assets like life insurance policies or retirement accounts. This ensures that the assets pass directly to them, avoiding probate.

By understanding the difference between an heir and a beneficiary, you can use estate law to control the legacy you leave behind. If you would like to learn more about heirs and beneficiaries, please visit our previous posts. 

Reference: NerdWallet (Nov. 13, 2023) “What Is an Heir? Meaning and Types

Image by Alisa Dyson

 

The Estate of The Union Podcast

 

Read our Books

Estate Planning Essentials for LGBTQIA+ Couples

Estate Planning Essentials for LGBTQIA+ Couples

Estate planning essentials are crucial for everyone, but can be especially vital for LGBTQIA+ couples. Even though marriage equality laws have leveled the playing field in many ways, there are still unique challenges and opportunities that LGBTQIA+ couples should consider. Creating and updating your estate plan to reflect your changing life situation is key to protecting your assets and loved ones.

Like any other couple, LGBTQIA+ couples must have certain essential documents in place to protect their rights and wishes. These include:

  • Living Will: Outlines your wishes for end-of-life care if you cannot communicate them yourself.
  • Health Care Power of Attorney: Designates someone to make medical decisions on your behalf if you’re incapacitated.
  • Durable Financial Power of Attorney: Allows someone to manage your financial affairs if you cannot.
  • HIPAA Privacy Authorization: Ensures that your designated person can access your health information when necessary.

These documents are critical for ensuring that your wishes are respected, especially when one partner might not be recognized as a legal spouse due to outdated or incorrect paperwork.

One of the unique challenges for LGBTQIA+ couples, particularly those with children, is the legal recognition of both parents. In many cases, only one partner is the biological parent, which can create complications if the biological parent passes away or if the couple separates.

By adopting their partner’s child, non-biological parents can establish a legal relationship with the child and obtain parental rights. This can prevent disputes over custody with extended family members and protect the child’s inheritance rights.

LGBTQIA+ individuals must ensure that the beneficiary forms for their insurance plans, retirement accounts and other financial assets are current. These forms override what is written in a will. Therefore, if you forget to replace an ex-partner or family member as a beneficiary, that person will inherit those assets.

This is especially important for LGBTQIA+ couples who may have previously named someone other than their spouse as a beneficiary before their marriage was legally recognized. Regularly reviewing and updating these forms, especially after major life events, ensures that your assets go to the person you intend.

Before same-sex marriage became legal, many LGBTQIA+ individuals entered into domestic partnerships, civil unions, or other legal arrangements to protect their relationships. However, some states automatically upgraded these partnerships to marriages when the law changed, sometimes without the couple’s knowledge.

This can create a “tangled web” of legal relationships that could lead to complications with your estate. For instance, if you didn’t formally dissolve a previous partnership, your former partner might have a claim to your estate. It’s important to resolve any past legal unions to prevent future disputes.

In a story shared in the MassMutual blog, Joan Burda, an attorney in Lakewood, Ohio, shares the cautionary tale of LGBTQIA+ couples who entered domestic partnerships or civil unions before legalizing same-sex marriage. These partnerships were sometimes automatically upgraded to marriages without the couple’s knowledge when laws changed, leading to unexpected complications.

For instance, couples who thought they had dissolved their previous legal relationships might find that their former partners still have legal claims on their estate. This underscores the importance of reviewing and resolving all prior legal unions to prevent future disputes and ensure the full protection of their current relationships.

Estate planning is not a one-time event. Laws change, relationships evolve and your plan needs to reflect those changes. LGBTQIA+ couples should take time for a review of their estate planning essentials, resolve any past legal relationships and ensure that their beneficiary forms are up to date.

Your relationship and family deserve the strongest legal protections available. Don’t leave your future to chance—ensure that your estate plan reflects the unique needs of LGBTQIA+ couples. If you would like to learn more about planning topics for same sex couples, please visit our previous posts. 

Reference: MassMutual (June 06, 2024) “Estate Planning for LGBTQIA+ Couples

Photo by cottonbro studio

 

The Estate of The Union Podcast

 

Read our Books

Preparing Your Adult Children for Their Inheritance

Preparing Your Adult Children for Their Inheritance

Talking about inheritance with your children is one of the most important conversations you can have. However, it’s never easy. This is a conversation about what happens after you’re gone. Preparing your adult children for their inheritance can prevent many problems down the road.

Avoiding the topic of inheritance might seem like the path of least resistance. That is true at first. However, after you’re gone, your loved ones might suffer confusion, misunderstandings and family conflicts due to a lack of communication. Not discussing your plans could pose unanswered questions to your children or, worse, unexpected financial burdens.

According to Fidelity, open communication helps your children avoid surprises and prepares them emotionally and financially. Discussing your estate plans with your adult children can smooth the transition of wealth by sharing the values and intentions behind your decisions.

Starting the conversation about inheritance can be awkward. However, it doesn’t have to be. Begin by setting clear expectations. Let your children know why you’re discussing this and what you hope to achieve. Focusing on the importance of family unity and ensuring that everyone is on the same page is helpful.

You can start with simple topics, like how you manage your finances or the basics of your estate plan. As the conversation progresses, more details will be introduced, such as how assets will be distributed and the reasons behind these decisions.

Financial education plays a significant role in preparing your children for their inheritance. If your children lack basic money management skills, they may struggle to manage the wealth they inherit.

Start teaching them early by encouraging good financial habits. For example, you can help them set up a budget, open a savings account, or understand the importance of credit. As they age, consider discussing more complex topics, such as investing, taxes and the importance of maintaining a financial cushion.

Many parents worry about how their children will manage a large inheritance. If this concerns you, establishing a trust can effectively protect your assets, while still providing for your children’s needs.

Trusts can be tailored to fit your family’s unique situation. For example, you might set up a generation-skipping trust to benefit your grandchildren or a spendthrift trust to prevent a beneficiary from mismanaging their inheritance. Trusts can also help minimize taxes and protect your assets from creditors.

Even with the best preparation, the wealth transition can still be challenging. One of the best ways to ensure a smooth process is by developing a comprehensive estate plan built on clear communication and understanding. Ensure that your children know where essential documents are stored and who to contact when the time comes. Consider creating a family mission statement to outline your values and provide guiding principles for your children.

Preparing your adult children for their inheritance is about more than just transferring money. It’s about passing on your values and ensuring that they’re ready to handle the responsibilities that come with it. If you would like to learn more about managing an inheritance, please visit our previous posts.

Reference: Fidelity (Jul. 26, 2024) “Preparing your children for their inheritance

Photo by Askar Abayev

 

The Estate of The Union Podcast

 

Read our Books

Pitfalls of DIY Real Estate Deeds

Pitfalls of DIY Real Estate Deeds

When transferring property, many people think, “How hard can it be?” This is where DIY deeds, especially quitclaim deeds, come into play. They seem like a quick and easy solution to pass on property to loved ones. However, this shortcut can lead to major headaches down the road. Kiplinger underlines the pitfalls of DIY real estate deeds and how to avoid errors.

A quitclaim deed is a simple document that transfers whatever interest the grantor (the person transferring the property) has in a property to the grantee (the person receiving the property). It’s often used between family members to avoid probate or as a quick way to add someone’s name to a property deed.

However, here’s the catch: While quitclaim deeds are easy to create and file, they don’t offer any guarantees. The deed only transfers the grantor’s interest—if any—and doesn’t ensure that the title is clear or that the grantor even owns the property outright.

Using a quitclaim deed without professional guidance can lead to several unforeseen problems. Here’s a closer look at some of the most common issues.

One of the biggest pitfalls of using a quitclaim deed is discovering too late that you don’t actually have a clear title to the property. For example, if a child inherits a home and uses a quitclaim deed to transfer the property into their name, they might believe everything is fine—until they try to sell the house.

At that point, a title company might uncover that the property transfer skipped the required probate procedures, rendering the title unmarketable. The sale stalls, leaving the new owner stuck in a legal mess.

Another major risk arises when you add someone else’s name to your property deed. Suppose a parent adds their child to the deed to avoid probate. If that child later faces financial issues, such as bankruptcy or a lawsuit, their creditors could claim a stake in the property. This means the parent might lose part of their home to settle the child’s debts because they took the DIY route.

Adding someone to a deed can also cause complications with insurance and taxes. For example, once another person is listed on the deed, the original homeowner must notify their insurance company. If they fail to do so, the property insurance might become invalid, leaving the property uninsured. Transferring with a quitclaim deed can also trigger gift tax requirements; while selling the home may result in hefty capital gains taxes you could have avoided with a trust.

Using a trust instead of a quitclaim deed offers significant advantages. A trust allows you to transfer property without losing control during your lifetime and provides a clear path for the property after your death. This approach can help avoid the probate process, protect your property from creditors and reduce potential tax liabilities for your heirs.

For example, if you transfer your home into a trust, the property’s value is adjusted (“stepped up”) to its fair market value at your death. This can reduce or eliminate capital gains taxes for your heirs when they eventually sell the property.

Avoid the pitfalls of DIY real estate deeds. Don’t let a simple mistake cost you or your loved ones dearly. If you would like to learn more about deeds and real property in your estate planning, please visit our previous posts.

Reference: Kiplinger (Mar. 20, 2024) “How Quitclaim Deeds Can Cause Estate Planning Catastrophes

Image by Oleksandr Pidvalnyi

 

The Estate of The Union Podcast

 

Read our Books

Sharing Family Values in Your Estate Plan

Sharing Family Values in Your Estate Plan

Estate planning isn’t just about managing finances and assets; it’s also a way to pass down family values that shaped your life. As you think about the legacy you want to leave behind, consider sharing those critical family values in your estate plan. Doing so ensures that your life’s lessons, beliefs, and traditions guide and inspire your family even after you’re gone.

Family stories are more than just memories; they are the building blocks of your family’s identity. Professor Elizabeth Keating from the University of Texas highlights the importance of uncovering these stories by asking thoughtful questions. According to Keating, by learning about your parents’ and grandparents’ experiences, you can see the world through their eyes and understand the values that guided them.

When planning your estate, these stories can play a crucial role. For instance, if you value hard work and education, you might want to include provisions in your estate plan that encourage these traits in your heirs. This could be through establishing a trust that supports education or guidelines that reward hard work and responsibility.

Setting up a trust is one effective way to embed your values in your estate plan. Trusts offer flexibility, allowing you to set specific conditions for how and when your assets are distributed. For example, if you want to encourage your children to pursue higher education, your trust could cover tuition and educational expenses. On the other hand, if you want to promote entrepreneurship, you could create provisions that support starting a business.

A well-drafted trust can include various instructions tailored to reflect your values. Here are a few examples:

  • Encouraging Education: The trust could stipulate that funds are released to pay for college or other educational pursuits.
  • Promoting Work Ethic: Distributions might be tied to the beneficiary’s employment status or income level.
  • Supporting Healthy Lifestyles: The trust could include incentives for maintaining good health or even require periodic drug tests.
  • Fostering Philanthropy: You could set aside a portion of the trust to be donated to charities that align with your values or establish a charitable foundation in your name.

According to an article written by Kiplinger, discussing your estate plan with your family is essential to ensure that everyone understands your wishes and the values you hope to pass on. This dialogue can also allow you to share the stories and lessons that have shaped your life. Dr. Keating emphasizes the power of asking the right questions to uncover these stories, which can strengthen the connection between generations.

By having these conversations, you clarify your intentions and give your family a deeper understanding of the values behind your estate planning decisions. This can help prevent misunderstandings and conflicts down the road.

For many, faith plays a significant role in their lives, and estate planning is an opportunity to ensure that these beliefs continue to guide future generations. Whether supporting religious institutions, funding mission trips, or simply promoting charitable giving, your estate plan can be tailored to reflect and perpetuate your faith.

Incorporating a statement of purpose within your trust can serve as a powerful reminder to your heirs about the importance of these values. This statement can outline your motivations and provide guidance on how you wish your legacy to be used, ensuring that your values continue to influence your family for generations.

Sharing your family values in your estate plan offers a unique opportunity to preserve and promote then for future generations. By incorporating thoughtful provisions and having open conversations with your loved ones, you can ensure that your legacy is about more than just money—it’s about the values that have guided your life.

If you would like to learn more about sharing personal life lessons and advice in your estate planning, please visit our previous posts. 

References: The University of Texas (Nov. 10, 2022) Faculty Publication: The Essential Questions: Interview Your Family to Uncover Stories and Bridge Generations by Elizabeth Keating and Kiplinger (Jun. 27, 2023) In Estate Planning, Your Values Can Play a Key Role | Kiplinger

Photo by Tima Miroshnichenko

The Estate of The Union Podcast

 

Read our Books

Ensure your Child's Future is Protected with Estate Planning

Ensure your Child’s Future is Protected with Estate Planning

Becoming a parent is an exciting journey filled with dreams and plans for the future. Amidst the joy and anticipation, you also need to consider your child’s future security. While no one wants to think of it, the worst could happen to you, and you could become unable to care for your child. Without an estate plan, your assets could go through a lengthy probate process, and the court would decide on guardianship for your children. Ensure your child’s future is protected with estate planning.

Estate planning involves organizing your financial affairs to ensure that your assets are managed and distributed according to your wishes after you pass away. It includes creating a will, assigning power of attorney and considering trusts. According to Experian, planning ahead can avoid potential legal complications and ensure that your loved ones are taken care of. Estate planning can also help minimize taxes and protect your assets from creditors.

Without a will, state laws determine the distribution of your assets and the guardianship of your children. This could mean that your child ends up with a relative you haven’t spoken to in years or foster care. An estate plan allows you to choose guardians and ensure that your child’s future is secure.

A will is the foundation of your estate plan. It should:

  • Name a guardian for your children.
  • Name an executor to manage your estate.
  • Specify who inherits your assets.

Power of attorney allows someone to make financial and health care decisions on your behalf, if you become incapacitated. This includes:

  • Financial Power of Attorney: Give someone the power to manage your finances and property.
  • Health Care Power of Attorney: Empower someone you trust to make medical decisions for you.

The best time to start estate planning is now. Waiting until your baby arrives can lead to delays and potential financial hardships. Building an emergency fund, contributing to a health savings account and setting up automatic savings transfers are great first steps. Proactively managing your finances can help reduce stress and ensure a smoother transition into parenthood.  Starting early also allows you to make informed decisions and adjust your plan.

When Joyce Marter, a financial therapist and author, was expecting her first daughter, she found herself living paycheck to paycheck with substantial student loans. In an article by the NY Post, she reflects and explains how she realized the immense value of having a solid financial plan before transitioning into parenthood. Marter recalls a conversation with her pregnant supervisor, who advised her that no one is ever truly ready for a baby: “None of us are really ever truly ready — you just take the plunge and figure it out as you go.”

Years later, as Marter prepared for her own child, she understood the importance of proactive financial planning. She began by building an emergency fund, contributing to a health savings account and avoiding unnecessary baby registry items. These steps provided a financial safety net and helped reduce stress during her pregnancy.

Don’t wait until it’s too late. Ensure that your child’s future is protected and your wishes are honored with proper estate planning. If you would like to learn more about planning for minor children, please visit our previous posts.

References: NY Post (Oct. 18, 2023) “Savvy expecting parents need to start financial planning now” and Experian (Oct. 13, 2020) “How to Plan Your Estate as a New Parent – Experian

Image by Public Co

The Estate of The Union Podcast

Read our Books

Godparents Lack Legal Rights Unless Named as Guardians

Godparents Lack Legal Rights Unless Named as Guardians

Choosing godparents for your children is an important decision for many families. However, it’s crucial to understand that godparents lack any legal rights, unless named as guardians in your will. If you’d like your children’s godparents to serve as guardians in an emergency, consider if they’re suitable for the responsibility and take the legal steps needed to recognize them as guardians.

Parents often choose godparents to have a religious or spiritual influence on their children. They are typically involved in special ceremonies, such as baptisms, and may play a supportive role in their children’s upbringing. However, being a godparent does not grant any legal rights or responsibilities over the child.

On the other hand, a guardian is legally responsible for the care and upbringing of a minor child if the parents pass away or are unable to care for them. According to Forbes, guardianship is a significant legal role that includes making decisions about the child’s education, healthcare and general welfare.

The main reason godparents cannot automatically become guardians is that the roles are different in nature and responsibility. While godparents are chosen for their moral and spiritual guidance, guardians are chosen to take on the full parental role in case of an emergency. While there is overlap between these roles, a capable spiritual guide will not always have the time and resources to become a parent.

Choosing a guardian for your children is a complex and often emotional decision. Here are some key factors to consider:

Lifestyle Fit

Think about the potential guardian’s age and life situation. Asking someone to raise your children is a big request, and choosing someone whose lifestyle can accommodate this responsibility is essential. For example, a guardian with grown children might face a significant lifestyle adjustment if asked to care for young children again.

Location

Ideally, the guardian should live near your home. This minimizes the disruption to your child’s life, allowing them to stay in the same school and community, which can be a source of comfort during a difficult time.

Financial Circumstances

Raising children can be expensive. Make sure that the potential guardian is financially stable, and consider setting up a trust to cover your child’s expenses. This will help avoid placing a financial burden on the guardian and ensure that your child has the resources they need.

Shared Values

Choose a guardian who shares your values and parenting philosophy. While no one will be a perfect match, it’s important that the guardian can provide a similar upbringing to what you would have wanted for your child.

While many consider naming a married couple as co-guardians, it’s often simpler to name a single individual. This helps avoid complications if the couple divorces or disagrees about how to care for your child. You can also name one or more successor guardians who will take over if the primary guardian is unable or unwilling to take on the role when the time comes.

Always ask the person you want to name as guardian if they are willing to accept the role. This way, you can be sure they’re prepared and willing to take on the responsibility. Naming someone without their consent can lead to confusion and complications. In most states, you must include this information in your will to legally name a guardian for your minor children. This is a critical step to ensure that your wishes are followed and to avoid leaving the decision up to the courts.

If you don’t name a guardian in your will, the courts will decide who will take care of your children. This can lead to family disputes and result in a decision that may not align with your wishes. Naming a guardian in your will gives you control over who will care for your children and helps stabilize them during a challenging time.

Remember, godparents lack any legal rights, unless named as guardians for your minor children in your estate plan, Choosing a guardian for your children is one of the most important decisions you will make as a parent. Consult an experienced estate planning attorney to discuss your options. If you would like to learn more about guardianship, please visit our previous posts. 

Reference: Forbes (May 29, 2018) “Selecting Your Children’s Guardians Is Very Different Than Naming Their Godparents

Information in our blogs is very general in nature and should not be acted upon without first consulting with an attorney. Please feel free to contact Texas Trust Law to schedule a complimentary consultation.
Categories
View Blog Archives
View TypePad Blogs