Our last article began looking at how we can provide for our minor children in the event that we become incapacitated. Given the uncertainty posed by Covid-19 and the effects that it can have on the body, this is a very real concern.
One last benefit of having a Revocable Living Trust (RLT) in place is that it can help to avoid probate. Probate can be a long, drawn out and even expensive process. But through the implementation of an RLT, and the proper transfer of property and accounts to the trust, you’ll find that it will save your family members both money and time during an already tough emotional period.
Providing for the care of your minor child
Deciding on and documenting who will provide for your minor children’s physical care is extremely important when planning. Of course, if the child’s other legal parent is still living and able to provide care for them this will continue to be the case. Given the capacity for the Coronavirus to affect multiple people in a household though it is best to plan for an event that could leave both parents unable to provide this care. Covid-19 isn’t the only thing that could lead to such an issue, so being prepared for your children’s sake is of the utmost importance. And remember, just because you may have named a guardian in your will, this document does not take effect until your death. What happens if you become incapacitated? We can assist you in setting up a document that would designate a guardian in such a case.
Even if you are going to be away for an extended period (for example, a single parent in the military), you can delegate parental authority for certain periods of time as determined by state law. Power of attorney for a minor child helps ensure that another trusted adult will be able to provide for the care your child needs when you are unable to do so.
We can help
There are many particularly important questions and issues to address when it comes to providing for the physical and financial support of your minor children. That is where we come in… we are here to help you navigate the process and be sure that all your questions are answered. This way your minor child has the best care possible. Please call or message us today, and we can help you begin navigating the issues on your journey to the peace of mind that comes from knowing your minor child will be cared for and protected. We offer in-person services by appointment and are more than happy to meet with you virtually as well.
