New parents realize that the world is fraught with dangers for their baby. A sneeze could mean pneumonia; a distracted driver might cause a fatal accident. The lists go on and on.
It’s hard to keep your cool when you see how threatening the world can be. One of the greatest potential dangers to your child is you, or at least your lack of preparedness for the unknown. No matter how much or how little you may have, you must make a plan for your child in the event of your death. There are three primary things to consider when you do:
- Guardianship: If something does happen to you, your children need to have a safe place to go. Maybe this is a sibling or grandparent, but consider if they will raise them in the same way you would. Guardianship does not have to go to a relative, but it should go to someone with whom the child(ren) feel safe.
- Executorship: The executor of your will ensures that your conditions and intent are met. This is the person who gives any bestowments, who ensures that your estate is sold or given away in the best way possible.
- Trusteeship: When you set up a trust for your child, you are ensuring that he or she gets the best from your estate, in a timely manner. A trustee provides a new level of checks and balances to protect the inheritance until your child comes of age.
Making decisions for your family for when you die is not easy. Fred M. Kennedy, P.C. can help make it easier. Contact our Augusta offices to schedule a consultation.
Posted on behalf of Fred M. Kennedy, P.C.