When you have children to provide for, there are some additional considerations for estate planning. Where will the children live if you die before they’re grown up? Who will take care of them? Is there anything you can add to your last will and testament to express these wishes?
Naming a guardian in New York
In New York, you may add your guardian choice for your children to your will. The choice you make is still subject to a judge’s approval or finalization, and the person will likely be asked if they agree to be guardian. As a result, consider naming alternate guardian choices in case they change their mind.
Guardian naming basics
It is a good idea to ask the person before naming them and consider how to provide financially for the children.
Do you have someone in your life you agree with on raising children? Do you share family values? Great. This may be a good guardian choice, but what if you do not share the same opinion on financial matters?
Name a different financial guardian. The state allows for the appointment of separate people or entities to be guardians of the person and guardian of the property, or monies you leave for the child’s care.
Your estate plan will be unique to your family and circumstances. You may have other family members you provide for that need to be considered in your will, like parents or adult children.
Make sure when planning your estate, they are legally enforceable or valid for the probate process. While in the matter of guardianship, the courts have a say in the matter, you can provide the court with your wishes.