When it comes to assigning custody for your children in the unlikely event that both parents pass, it can be incredibly challenging to think about whom to select for legal guardianship for your children. This is not a decision to be taken lightly, but this is also not a decision to be put off -- without assigned legal guardianship at the time of death, the court will make its own choice.
Usually, people select close family or friends for guardianship, taking into account the person’s location, age, dependents, and financial situation. Although it may seem obvious, discussing the possibility of this role and the responsibilities should be something addressed with your guardianship candidates before you sign on the dotted line.
At Elder Law & Estate Planning Solutions of the Piedmont, we assist families in the Concord, North Carolina area with all their estate planning needs, including appointing guardianship. There are two types of guardianship titles that you can select from to protect you children: the guardian of the person of the child, and the guardian of the estate of the child.
The guardianship of the person of the child has custody of the child, and is legally responsible for the child’s health, upbringing, and education. The guardianship of the estate of the child is a financial safeguard for the child meant to manage any assets until he or she coms of age. They can be one and the same, but guardianship must be assigned while the parent is living for it to be legally binding.
If you have any questions about guardianship or how to best protect your children and their inheritance, give us a call today!
If you live in Concord, NC& need help planning for the welfare of your children or elder loved ones, turn to us at The Law Office of Marjorie J. Brown, PCElder Law & Estate Planning Solutions of the Piedmont
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