Provided by the Law Offices of
RICHARD MAYBERRY
MAYBERRY LAW FIRM
2010 Corporate Ridge
McLean, VA 22102
(703)714-1554
Committed to providing the highest quality estate planning legal
services for individuals, families and businesses |
Are you a parent of minor
children? Children are a family’s greatest treasure. Think of all the
precautions taken to safeguard young children – from the first purchase
of an infant car seat to the compulsory swimming lessons and even
driver’s safety instruction. Yet, most parents leave their children
completely unprotected from one of life’s most crushing blows – being
orphaned upon the loss of their parents.
Great Expectations
While every parent
expects to rear their minor children to adulthood, did you ever stop and
think that your next good-bye might be your last? Life may throw any of us
an unexpected curve ball in the form of a fatal injury or illness. If you
are not prepared for that curve ball, then how much less prepared will be
your minor children? Quick. Who would you legally appoint to serve as
their back-up parents to fulfill your parental responsibilities? Your
answer, in large part, may depend on how family is defined for you. Is
yours a single parent family, a blended family or a traditional family?
Single Parent Families
If you are a single
parent, then the surviving biological parent automatically remains the
natural guardian, absent proof of unfitness. Without any other legal
arrangements, that surviving parent likely will manage the inheritance you
leave behind.
Then, upon reaching the age of majority for an inheritance
under applicable state law (e.g. typically age 18), your children will
receive whatever is left of their inheritance without guidance or
restriction. If both you and the other parent are deceased, what happens?
In that instance, without proper legal plans in place, a judge will select
the back-up parents (i.e. guardians) for your minor children and see that
the inheritance is distributed outright at age of majority.
Blended Families
Is yours a blended family? If so, you are in good company.
According to recent statistics, there are more blended families today than
traditional families. When the minor children in the household may be
yours, mine and ours, how do you select the back-up parents, beyond the
biological parents … especially when the children consider themselves to
be one family? Should the minor children remain together, if possible? If
not, then with whom should they be placed and should legal arrangements be
made to facilitate their ongoing contact? [Note: This is to say nothing of
the division, management and distribution of the blended family assets.]
Traditional Families
If yours is a
traditional, nuclear family, then the whole matter seems rather simple,
doesn’t it? The surviving parent remains the natural guardian. However,
what if both parents are deceased? Will your children be reared by their
paternal or their maternal side of the family? That is when things can get
complicated. In our mobile society, do both sides of the family even know
each other, let alone get along? Given the choice, would you rather your
children be reared by good friends in a stable marriage who share your
values and lifestyle?
Some Pointers
As you can see, every family situation is different.
Nevertheless,
here are some general guidelines for your consideration when selecting
guardians for your minor children:
•
Select guardians who share your faith, core values and life
priorities and already have an established, positive relationship with
your children;
•
When selecting a married family member, appoint the family member
only, not their spouse in case they divorce or your family member
predeceases;
•
Ensure that your legal plans provide for compensation of the
guardians, or at least that assets are available from your children’s
inheritance to cover all expenses incurred on their behalf; and
•
Obtain the permission of the selected guardians before appointing
them in your legal plans, i.e. we also recommend appointing back-ups to
the back-ups.
Summary
Sadly, too many parents spend more time during a single
evening out than they do making proper Life & Estate Plans for the
care of their children. Appropriate legal counsel should be sought when
exploring appropriate planning options for the future of your two-legged
investments.
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