Providing for Minor Children

It is important that your estate plan address issues regarding the upbringing of your minor children.  If your children are young, you may want to consider implementing a plan that will allow your surviving spouse to devote more attention to your children, without the burden of work obligations.  You may also want to provide for special counseling and resources for your spouse if you believe he or she lacks the experience or ability to handle financial and legal matters.  You should also discuss with your attorney the possibility of both you and your spouse dying simultaneously, or within a short duration of time.  A contingency plan should provide for persons you would like to manage your assets, as well as the guardian you wish to nominate for the upbringing of your children.  The person or trustee in charge of the finances need not be the same person as the guardian.  In fact, in many situations, you may want to purposely designate different persons in order to maintain a system of checks and balances.  Otherwise, the decision as to who will manage your finances and raise your children will be left to a court of law.  Even if you are fortunate enough to have the person or persons you would have wanted appointed by the court, they may have undue burdens and restrictions placed on them by the court, such as having to provide annual accountings.