Naming guardians and assigning responsibilities

Most parents, especially those with small children, have thought about who they want to take care of their children if they were no longer able to do so. While it is not a pleasant thought, this issue is extremely important.

If you have yet to name the guardian for your child in an official legal document, it is important to do this promptly to ensure that your children are left in the care of a person that you trust with this significant responsibility.

If one parent becomes incapacitated, an official guardianship and trust is not necessary to ensure that the other parent retains guardianship and custody of the child or children. Under the laws of the United States and Virginia, this is the normal procedure for guardianship. For this reason, establishing who will function as the guardian of one’s children is generally a choice made by both parents for the unlikely situation in which both parents are unable to take care of their children.

Who should be named a guardian?

Deciding who will be the guardian of your child is a major decision. There are many important factors to weigh in this decision making process as this person will not only provide for your children materially but also make important choices regarding the child’s education and healthcare.

When considering a potential guardian, factors to consider include their age, their physical limitations, time limitations, if they have children near the age of your child, and if they share the beliefs that you have both in relation to child rearing and values.

Whomever you choose for this significant role, it is a good idea to discuss your selection with that individual so they have an opportunity to ask any questions or clarify any concerns. Also, you may want to choose both a guardian and an alternate for each of your children.

What are the guardian’s responsibilities?

This is an area that is often confusing to those selecting a guardian. The guardian is the person who will be responsible for the physical well being of your minor children.  He or she will make decisions with respect to many aspects of your children’s lives, including housing, education and medical care.  The guardian’s responsibilities do not, however, include management of your children’s financial assets or the control of any trust that you create, including any trusts of which your children beneficiaries.  Those responsibilities are handled by a trustee.

The person whom you designate as guardian does not need to be the same person designated as either trustee or executor.

Choosing a guardian is a significant decision. When you need help drafting the documents that will enforce this decision turn to the law firm you can trust and call Flanders and Wade today.

Simple Wills 101

It is a common saying in estate planning that even if you do absolutely nothing else, you should take the time to draft a simple will. While not appropriate for everyone, for some of our clients a simple will is an easy, quick way to sufficiently address estate planning needs.

What is a simple will?

A simple will is a legal document that addresses two major points: what will be done with your assets after you are gone and the person who will be in charge of settling your estate. That person is referred to as the executor of your estate and can be anyone you choose.

No matter who you designate as executor, it is a good idea to let that person know about your choice so that they are not surprised when they find out.

Is a simple will the right choice?

For individuals or couples who do not have children under the age of 18 or, have an uncomplicated estate and do not believe that their heirs will owe estate taxes, a simple will can be a good solution. In this situation, a simple will addresses the important issues and should suffice to ensure that your wishes are fulfilled.

When a simple will is not enough

However, there are many cases when a simple will is not sufficient to address the needs of your estate. The most obvious case when a simple will may not be sufficient is that of a family that includes children under the age of 18.

Some other examples of situations in which you may want to consider more complex estate planning include:

• If you believe that someone may contest the will. When you believe that someone may choose to challenge your will, it may be a good idea to create a more secure document and estate plan to avoid delays and complications when it is time to execute your wishes.
• If your estate is significant enough that it may require estate taxes. In this case, you may want to plan for how these costs can be minimized and address other issues that can arise.
• If you have children with disabilities or from a previous marriage.  In these situations, contentions are more likely to arise, and it may be necessary to draft documents to ensure that these children are also taken care of when the time comes.

If you are looking for help with a simple will in Northern Virginia, contact Flanders and Wade for all of your estate planning needs.