What Will Happen to Your Children IF YOU NEVER COME HOME?
That’s Not an Easy Question to Answer, Is It?
Sure, you may have friends or family who are ready to step in, but have you prepared the paperwork necessary to grant them the legal power to take over? If the unthinkable happens while your children are at school or in the care of a babysitter, would that caregiver know whom to call or what steps to take?
And perhaps more importantly, are your choices prepared to parent your children the way you want?
The truth is, traditional estate planning does a great job of protecting your assets and overseeing the transfer of wealth after you’re gone. But this approach overlooks an important piece of your life puzzle: providing a comprehensive plan that delivers guidance, emphasizes your values and, above all, sets the stage for your children to be raised the way you want.
And that’s what the Child Protection Plan is all about!
A separate and personalized component, the Child Protection Plan is designed to complement your traditional estate plan by helping you address your goals and concerns regarding the care of your minor children.
These include how to:
- Protect your children if you’re not around
- Minimize the impact on your family if you’re in an accident or become seriously ill
- Minimize the impact on your family if you die
- Choose Guardians for your children
- Give your Guardians the insight they need to raise your children the way you want them to be raised
- Guarantee your child’s financial future
If you don’t have a plan, the state has one for you… But you probably won’t like it.
Is All this Planning REALLY NECESSARY?
Many younger couples believe that estate planning isn’t an immediate concern because if something happens to one spouse, the other spouse will be there to step in.
And in some cases that’s a fair argument…
Yet, you purchase fire insurance to protect your home even though the chances are low that you’ll ever need it. In fact, you’ll pay hundreds, if not thousands of dollars, each year to insure against risks that, in all likelihood, are never going to happen. You don’t complain about it. You don’t question it. You recognize that even though the risk is low, it would be catastrophic to your wealth and to your family if something happened.
The Unthinkable Scenario…
Imagine that it’s date night…
You’ve arranged for a babysitter, and you’ve covered every possible scenario, leaving a list of instructions a mile long…
No videos past eight… Billy’s allergic to peanuts… They only get a snack if they’re good…
You’re not going far and you won’t even be gone that long… what could possibly go wrong?
But then you’re hit by a drunk driver on the way home. The injuries are severe, and you’re rushed to the Emergency Room.
What Happens When You Don’t Come Home That Night?
One likely scenario is that your babysitter calls the police. After all, she’s frantic… She hasn’t heard from you, and you should have been home hours ago. Clearly something’s amiss, and since you’re not answering your cell phones, she’s not sure what to do. And when the authorities realize there are minor children in the picture, they’re obligated to investigate.
Now, you may already have friends and family who are ready to step in. Unfortunately, the legal system doesn’t acknowledge casual promises when children are involved.
If you don’t have signed legal documents with the proper authorization to provide to the Social Services Department, they are required to step in.
Even if they believe a relative is a good choice, without proper papers, there are still many logistical problems. The problem is, your next of kin or close friends may not be immediately accessible. It may take time to find them, or your relatives may live out-of-state and not be available to take custody of your children right away.
And more often than not, the system will step in until the issue of a Guardian can be sorted out.
Let us say that again…
In cases where there is no authorized person available to immediately step in, your children could be placed in a foster home or emergency shelter until an emergency Guardianship can be stablished.
And by then it will be too late for you to do anything about it.
Why People Don’t Plan
It’s hard to believe that estate planning isn’t a bigger concern among parents of young children, but the sad truth is, many would rather do their taxes or get a root canal than plan their estate.
In fact, in a recent survey of people under 35, weight is a bigger issue than having an estate plan.
And there are a couple of reasons for that:
The first is good, old-fashioned procrastination. After all, you’re young and healthy… What are the chances that you’ll need an estate plan anytime soon?
The second reason people don’t plan is just a lack of knowledge and understanding. You don’t know what you don’t know, as the old saying goes, and because estate planning has traditionally been portrayed as something for “old, rich folks,” it’s hard to see the urgency when you’re still focused on building your future.
But let’s be honest… No one knows what the future will hold. Hopefully, you’ll be around to see your children graduate, marry and have kids of their own. But if you’re not—if the unthinkable does happen—your planning now can help ensure that your family is protected and provided for… even if you’re not around to do it.
Is Knowing Enough?
Understanding the risks of not having an estate plan is definitely a great start… But is just knowing enough?
If you decide you want to lose a few pounds, you obviously have to do more than just acknowledge the extra weight… You have to change your eating habits and start exercising.
In other words… You have to take action.
That’s when you start to see real progress. You make a decision, and you act on it. And the same can be said here.
You’ve made a great first step to learn more about protecting your children, if you’re no longer around. And we applaud that decision. Just make sure to follow through and take the actions necessary to lock in that wise decision. Contact Field Law Firm today at (818) 369-7900 or (435) 216-4444 or contact us online.