By: Bahiyah Shabazz, MBA
There is not anything more important than the lives of our children. As a mother, I would do anything to protect my son. With that being said, my husband and I had the dreaded, yet responsible conversation about our demise.
It is not unfamiliar for most parents to informally name a Godparent. What they neglect to do is actually have the terms written in an agreement. Let’s face it, your children are the closest thing to you, so if both parents were to pass away your families would practically fight over them. As much as you would love for your children to be shared with everyone, only one person or couple is responsible enough to properly raise your children as you see fit.
What is parental guardianship?
According to family.findlaw.com, “A guardian is someone who takes care of a child’s needs. This typically includes such things as shelter, education, food, and medical care. Guardians also usually manage the finances of the child.”
Why is it important?
If you leave your children an inheritance through a trust with specific terms, it allows a responsible adult to oversee. In addition to finances, you want to make sure your children are with someone who has the same values, morals, and upbringing as you.
What if you have a Will?
Perfect, then make sure you disclose to the potential guardians of their responsibilities and make sure they are in complete agreement. You should also share a copy of the letter with them for their records.
Disclaimer: Each state handles legal parental guardianship differently. Please refer to your state’s court system for further details.
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