What Happens To My Children If Something Happens To Me?

What Happens To My Children If Something Happens To Me?

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What Happens To My Children If Something Happens To Me?
By Jeffrey S. Berenholz, Esq.

This is the most frequently asked question I get from the vast majority of people that I meet with every day. Coming in a close second is – “what’s the difference between a will and a trust?” but we’ll save that for another time. Now, the answer to this question will depend on your specific family and asset situation, but the threshold issue will be whether or not you’ve properly documented your wishes – i.e., whether or not you’ve created a proper estate plan.

I completely understand that talking about estate planning is not the most fun or riveting topic for parents with young children (or really even for most people). No one likes to think about death or disability, but we all know that as responsible adults, it’s something we need to prepare for. The insurance industry has done a great job with this and I’m betting that once most of you got married or started having kids, you probably bought some life insurance (and if you haven’t, you really should!), but many people hesitate speaking with an attorney usually out of fear (“it’s gonna cost a lot of money!”), misunderstanding (“we don’t need a lawyer when we’re so young”), or intimidation (“I don’t want someone talking down to me”). So this, and future articles, will aim to dispel these myths and help you get a better understanding of how to best protect yourself, your kids, and your assets.

According to a recent article on Caring.com, only 34% of Americans have an estate plan, even though “Estate planning is one of the crucial elements of a comprehensive financial plan, but somehow is also the most overlooked component, with the majority of adults not having any form of estate planning document,” says Patrick Hicks, General Counsel and Head of Legal at Trust & Will. “Having an estate plan is a continuation of financial planning and essential to ensure that your efforts to provide for your loved ones last into the future and act as a foundation to build multigenerational wealth and leave a legacy.” https://www.caring.com/caregivers/estate-planning/wills-survey/#the-prevalence-of-estate-planning-in-2023.

A proper estate plan will include your documented wishes of who will take care of your children and how they will be financially supported if something happens to you, whether that be death or disability. However, since statistically most people do not have a proper plan in place, here’s what could happen to your kids if something happens to you:

  • If you are a single parent, or if something happens to both parents, the police will likely notify whoever is looking after your children.
  • The may or may not allow that caregiver to remain with the children until legal guardians can be named, but if it’s not a family member (i.e. they’re with a babysitter), they may choose to call social services to place your kids into their care until that happens.
  • How old are your kids? Will they know how to contact another family member to come take care of them? How close by are your other family members? Are those the people who you want to take care of your kids?
  • At some point a court hearing will be held to determine: (a) who should be appointed to physically take care of your children, and (b) who should be appointed to financially take care of your children. These may or may not be the people you prefer but there’s no way for a court to know.
  • During this waiting period, which could be weeks or months, your kids will either be in foster care or (hopefully) be taken care of by family members.
  • Additional court hearings will be necessary to either appoint legal guardians for you (if you are still alive but incapacitated) or appoint an administrator to begin probate proceedings so money can be allocated for the care of your children.
  • Needless to say, court hearings can be time-consuming and expensive, and will only add stress to an already difficult situation.

Even if you are not ready to put a complete and comprehensive estate plan in place, here’s a short “To Do” list that might help:

  • Both Apple and Android phones have features that will allow you to add personal emergency contacts and information. Take a few minutes to set this up.
  • Post an emergency contact list on your refrigerator where someone can easily find it.
  • Work with a qualified attorney to prepare guardianship documentation. Don’t “DIY” this. Find someone you trust to make sure this gets done the right way.

Hopefully this has provided you with some valuable information and – more importantly – will spur you into taking some action. I know your family is worth it.

Jeffrey S. Berenholz, Esq. is the founder and managing attorney of the law office of Jeffrey. S Berenholz, LLC. His practice focuses on creating and maintaining complete and comprehensive estate plans for individuals and families including wills, trusts, powers of attorney and guardianship documents. He is married with four kids (and a dog!) and enjoys educating his community on how to best protect their children and their assets. You can learn more at www.jeffblaw.com.

 

 

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