How to take care of your children after you die
Certainly no one enjoys acknowledging their mortality. But there is a lot more to estate planning than simply thinking about your own death. Young parents are particularly guilty of not making arrangements in the event of their passing, which can leave young children in a difficult place financially and emotionally. Gay and lesbian parents often have particularly tragic cases, especially when their families cannot be held together by the benefits of marriage.
Fortunately, there are three relatively quick and easy steps to take that can help ensure that your children will be taken care of:
- Pick and name guardians - Make a list of short- and long-term guardians you want taking care of your children if you pass away. This will enable you to ensure that your children will be raised by the persons of your choice rather than, for example, a parent with whom you ideologically disagree. You can select your partner to be your child's guardian, which is especially useful if your partner has not completed a second parent adoption (which he/she should). You can also name siblings, friends, or other members of your family to care for your children in the event that both you and your partner are not able.
- Get Life Insurance Policy - Your selected guardian will likely not be prepared for the sudden extra expense your children will bring. To ensure that your child's quality of care is still sufficient, a life insurance policy helps to smooth the financial transition. For just a small amount of money each month, you can receive peace of mind that your children's guardian will have the financial resources to care for him or her. This is especially necessary if you are the primary earner in the relationship and your partner would need to care for your children.
- Leave behind mementos - Surely we plan to be around for all of the major stages in our child's life, but in the event of our early passing, your child may be deprived of having his or her mother or father with them during those important times. Leaving behind voice or video recordings or letters is a wonderful gift for a child who may have been too young at the time of your death to remember you and your life lessons. Leaving behind such a legacy will mean your child can still benefit from your values even if you are not there to provide them.
A good estate planning attorney should be able to assist you in all of these areas, as well draft a will or trust to handle your property. All of these steps just require a bit of pre-planning to help avoid a great deal of burden later on. While planning for the worst is difficult, the comfort of knowing that things will be taken care of is a substantial reward.
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