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Ensure the care of your children through estate planning

As a parent, you may have many concerns when it comes to your children. You may worry over their health, safety and other aspects of their general well-being. You may even question your ability to raise your children effectively, as all parents do. Because you undoubtedly want your children taken care of in the best manner possible, you may wish to plan for the possibility that you will not always be around to care for them yourself by naming a guardian.

Types of guardians

As part of your estate plans, you and your spouse can name an individual or individuals as guardians. The guardian of the estate handles the financial aspect of the children's lives as far as the assets and funds they hold. The guardian of the person acts as a parental figure for the children by caring for them on a daily basis. You can name separate individuals to act as each type of guardian, or you could name one qualified individual to handle both the estate and childrearing.

Naming a guardian

You may wish to consider numerous aspects when considering a guardian for your children, such as:

  • Financial stability: The expenses associated with raising children can take a considerable toll on a person's financial state. Therefore, you may wish to choose an individual who would not face an unnecessary financial burden when providing for the children.
  • Values: If you want your children raised in a certain manner, you may wish to choose a guardian who shares similar views and values as you and your spouse.
  • Age and health: Of course, you want the guardian named to care for your children until they reach adulthood. As a result, you will likely want to name a healthy individual of an appropriate age.

This type of decision may prove difficult as many emotions tie in with such a choice. Therefore, you may wish to discuss your guardian options and choose the individual or individuals with whom you feel most comfortable and who best fit your criteria. Additionally, to make sure the chosen parties are ready for the responsibility, discussing the situation with your desired guardian candidates is a wise idea.

Legal documents

The naming of a guardian is documented in your will. As you create your estate plans, you will undoubtedly want to address this aspect in order to ensure that your wishes regarding guardianship of your children are known.

In an effort to avoid mistakes or overlooked factors in your decisions and documentation, you may wish to consult with experienced New Jersey attorneys who could help solidify your estate plans.

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