On the blog, we’ve spoken about the kinds of things you should consider when choosing a guardian for your minor child. You can read about that here.
When thinking about guardianship for your minor child, finances can be a concern for your guardian. Here are some questions that you need to put some thought towards when thinking about the future for a potential guardian and your child:
- How will your chosen guardian financially provide for your child?
- Do you have life insurance?
- What assets and/ or liabilities do you have that will affect the care your guardian can provide your child?
- Do you have assets that will be left to cover expenses for your child? Will these assets be left directly to the guardian or will you leave them in a trust for a Lawyer or a Financial Advisor to
decide?
Within your Will, you have the opportunity to stipulate how you would like your assets to be used to financially care for your child. For example, how much should be used for your child’s post-secondary education. Is there money being left specifically for your child when he/ she turns a certain age?
If you do not have enough assets in place to secure the foreseeable future for your child, how much do you estimate that your chosen guardian will need to financially care for your child? This is something that is not necessarily laid out in your Will but should be discussed prior to you passing with your chosen guardian.
Your guardianship clause is not set in stone. Your financial situation can change, as well as your wishes for who you would like to care for your child in the event of your passing. It is important to revisit your wishes set out in your Will every few years.
We are parents, too, so we understand that this decision is hard. The most important thing to consider is the well-being of your child after you are gone.
At McMurter & Associates, we believe in full disclosure of all fees and disbursements, so you will always know what your fees will be. Our fees are clearly set out on our website at www.mcmurter.com, or you can call us toll-free at 1-800-756-7138.
This is for informational purposes only and does not constitute as legal advice. Please contact us if you have any questions.