No one likes to think of their children being left parentless – especially if you have kids who are minors. But sadly, accidents do happen, and there is no guarantee in life that you will be around until they are grown and self-sufficient.
Which is why the Newport Beach guardianship lawyers at Morgan Law Group urge all parents to come up with a concrete plan, in writing, which outlines what needs to be done in the event that you unexpectedly pass away.
One of the key components of this outline should be deciding who will oversee the money your child inherits along with his or her expenses. Many parents automatically assume that assigned legal guardian will be the one to handle the funds. This is not always the case, nor does it have to be.
Perhaps the person you want your child to live with and be raised by isn’t the best choice when it comes to handling their finances. It is completely acceptable to assign the task of managing money to someone else in the family, or even a lawyer or financial advisor.
You want to ensure that the legal guardian is not financially burdened by taking care of your child, so it is important to take into consideration all of the expenses that the guardian may incur, and make sure that there are funds to cover them. Here are some important aspects of money management that you should consider:
– Basic living expenses like food and clothing
– Education, including private school tuition (if necessary), books and supplies
– Sports and their related costs
– Medical care, including doctors’ visits and prescription medication
– Hobbies or other extra-curricular activities
Chances are that the person or couple you entrust your children to will be more than happy and willing to provide for your child. But taking the financial burden off of their shoulders is the least you can do to help with the huge responsibility you are asking of them.
Need help deciding your child’s future after you are gone? Contact me, your Newport Beach guardianship attorney at (949) 260-1400 discuss these important options.