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Living Trusts
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Preparing a living trust for your children? Don’t forget to name a guardian
Posted on Sep 30, 2009
It’s a depressing scenario: one parent dies, leaving the other one to raise their children. While both parents or the living parent may have thought to create a living trust to provide for their children in the event that the surviving parent passes away unexpectedly, the question of guardianship must also be considered.
Unfortunately it happens all too often – children are left behind when both parents die, and somebody has to take care of them. As uncomfortable as it may be to consider the options, parents must think about who they want to act as their children’s guardian should the worst happen.
Without a named guardian, if both parents pass away the job of finding a home for the children falls to the courts. If nobody steps up to take responsibility of the children, they could end up in foster care – not a future that any parent would want for their children if it could be avoided.
When considering whom to name as a legal guardian in your will, keep in mind that it does not need to be a relative. Sometimes good friends are closer and share important values more so than blood relatives. What’s important is that you pick somebody you feel comfortable raising your children if the need arises – don’t leave it up to fate.
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