As every parent of a minor child has surely asked themselves, “Who will take care of the kids if something was to happen to me (or us)?” If this issue is not addressed directly, a court will determine the most appropriate individual to assume guardianship of children. As might be expected, this can result in difficult disputes among surviving family members and an emotionally traumatic experience for children, and ultimately it may result in guardianship granted to an individual or couple whom the parents would not have selected or approved.
Maintenance and Needs Associated with Child Rearing
As every parent understands, the cost and effort to raise children is tremendous. To state the obvious, children are not self-reliant or self-supportive. Accordingly, in the event of a parent’s death (or incapacity) there must be in place a means of providing for the needs of their children. These needs often include daily maintenance, health care, educational and recreational expenses, and college tuition). Appropriate planning often involved a revocable living trust or a testamentary trust—each of which place a designated trustee in charge of making important financial decisions.