If you have minor children, one of the most important provisions to add to your Last Will and Testament is the nomination of a guardian. Choosing this person can be difficult for some people. This is one of those decisions I help people make when planning an estate or preparing a Will or Revocable Living Trust.
Most of us are lucky enough to have great people as family and friends. However, asking someone to raise your children is asking them to take on a serious and life changing decision, not just for your children, but for your prospective guardian as well.
In choosing a guardian, parents will want to consider factors like:
1) Age of the proposed Guardian and Children;
3) Financial Stability;
In addition to being wise about how you leave money for your children, it may also be appropriate to leave financial assistance to a potential guardian to help them move to a larger home or build an addition to their house.
Be sure to take this into account when completing your Last Will and Testament and other estate planning documents.
If you are in Oregon, call my office to set up an in person or online appointment to discuss your estate plan.
Chase Morinaka practices law in Portland, Oregon with a focus on Small Business Law,, Personal Injury, Estate Planning, and Elder Law.