Someone to Care for Your Children if You Can’t
If you have young kids, the last thing you probably want to think about is dying and leaving them behind without you to guide and protect them. If you have young kids, you owe it to them to think about the possibility – because leaving them behind without a plan in place can potentially leave them in the hands of someone you would not have chosen.
Fortunately, designating a caregiver for your children is easily accomplished by adding a simple provision to your will. By adding this provision in your will, the person you name becomes a testamentary guardian, because his or her designation is included as part of your last will and testament.
What Happens When Ex-Spouses Disagree?
This decision is especially difficult for divorced couples, who often disagree about which individuals are best-suited to care for their children in the event one or both parents pass away. In cases where the couple’s split was especially acrimonious, the ex-spouses might even disagree that the other parent is a good candidate to assume sole custody and guardianship of the children.
So what happens when parents disagree? How should you plan your estate when you know your ex won’t honor your wishes? If something happens to both of you, whose wishes will the court choose to honor?
Parents Are the Natural Guardians of Their Children
The law considers parents the natural guardians of their children. Therefore, in the vast majority of cases, the children will go to the other biological parent upon one parent’s death regardless of what the deceased parent’s will specifies. The court will make an exception to this general rule, however, if there are good reasons for placing the children with someone else. These “good reasons” include criminal convictions, a documented history of substance abuse, or evidence of domestic violence.
Assuming your ex-spouse is a fit parent, it’s still a good idea to name the individual you would like to care for your children in the event both you and your ex pass away before your children reach adulthood.
Safeguarding Your Children’s Money
If you are concerned that your ex-spouse will mishandle any assets you leave behind for your children’s benefit, there are ways to safeguard these funds. A revocable living trust can give you the flexibility to manage your assets while you are alive while leaving them in the safe hands of a responsible trustee if you pass away. Contact my office at 772-220-9699 to learn more about estate planning after divorce.