If you are setting up an estate plan, there are a number of different topics you need to explore, from the financial impact of choosing a particular type of estate plan to taxes and dividing assets among beneficiaries. However, if you are the parent of a young child, it is critical to think about your child’s well-being and carefully review all of your options with respect to guardianship.
On their site, USA.Gov reports that parents have the ability to clarify their wishes with respect to child guardianship when creating an estate plan. If a parent fails to address this topic in their estate plan, their death can have an especially devastating impact on their child.
The benefits of addressing child guardianship
According to the State of New Jersey’s official website, parents can protect their child’s well-being by appointing a guardian in their will or trust. In the event that a parent becomes incapacitated, such as someone who becomes very sick and unable to take care of their child, guardians are able to provide the child with the care that they need. Not only does dealing with guardianship help children in the event of an emergency, but it can provide parents with peace of mind as well.
The consequences of failing to appoint a guardian
Sometimes, middle-aged and young parents think that it is not necessary to appoint a guardian in their estate plan. However, this can have disastrous consequences in the event that they lost the ability to take care of their child due to an accident or illness. For example, their child could receive care from an individual who is not capable of raising them properly and this can create a lot of confusion for families that are already struggling with other challenges.