Question 1: What is a guardian?
There are two kinds of guardians: (1) those appointed by a court to care for a minor child when both of the child’s legal parents are unable to do so and (2) those appointed by a court to care for an incapacitated adult who can no longer make their own decisions. A comprehensive estate plan addresses both types of guardians so that you and your family are fully protected. A comprehensive estate plan for an adult also includes financial and medical powers of attorney to ensure that someone they trust can step in for them if they are ever unable to manage their own affairs. For parents of minor children, a last will and testament is essential, as it is the only way to make a legally recognized guardian nomination. While the court will always review a nomination to confirm that it serves the child’s best interests, judges consider the parents’ nomination in their will.
Question 2: If someone would make an excellent guardian for my minor children but is not skilled at managing their money, should I still select them?
You can choose someone to be your children’s guardian even if they lack money management skills. A comprehensive estate plan allows you to split these responsibilities. The guardian can be in charge of raising and caring for your children, and another person—the trustee of the revocable living trust you create—can manage the inheritance for them. Some parents choose different people to fill these roles, as the skills needed to be a loving, supportive guardian may differ from those needed to manage finances and investments. We can discuss this with you and help you determine the best arrangement for your unique family circumstances.
Question 3: I already have (or am getting) life insurance. Why would I also need a will or trust?
If you do not designate a beneficiary of your life insurance policy and you do not have a valid will in place, a court must rely on state law to decide who winds up your affairs and inherits your money and property. For parents of minor children, a court and state law will also determine who raises your children, but it may not be whom you would have chosen. A comprehensive estate plan is the only way to ensure that your wishes are legally effective. While designating a beneficiary of the life insurance policy will ensure that the death benefit transfers outside of probate court to the people you want to receive it, it does not allow you to create any structure or protection for the funds your beneficiaries receive. Upon your death, the beneficiaries will be entitled to receive the funds in one lump sum, and the money could be wasted or misused. A comprehensive estate plan that includes a trust can safeguard life insurance proceeds by establishing clear rules and guidance for how the funds are to be managed and used over time. In short, life insurance provides the funds, but a trust—whether created under a will or a revocable living trust—ensures that the money is used to achieve your goals and truly protect your family’s future.
Question 4: How do I select guardians for my children?
Parents can nominate guardians for their minor children in a will, but ultimately, the court will appoint a guardian. If a parent fails to nominate guardians in their will, the court will appoint a guardian without any parental input. For parents of minor children, nominating a guardian is the most important—and emotional—estate planning decision they will ever make. Many parents put off creating or updating their estate plan until they feel certain about a guardian. Unfortunately, waiting leaves children unprotected if something unexpected happens. Even if the perfect choice is unclear, it is far better to make a thoughtful nomination now—one that reflects your values and priorities—then to leave the decision entirely in the court’s hands. The good news is that with an estate plan, your documents are not set in stone; if you are alive and have capacity, you can update your guardian nomination at any time.
Question 5: What if the guardians I nominate for my children cannot serve when the time comes?
It is vital to nominate backup guardians in your will. Your primary choice might be unable or unwilling to serve when the time comes due to an illness, a move, or a change in their family circumstances. By naming a backup (or two), you ensure that the decision of who will raise your children does not fall to the court without any guidance from you. It is also a good idea to discuss your wishes with your chosen guardians and have a conversation about what you would like to happen if they need to serve. These conversations not only provide clarity but also help you determine whether your chosen person feels prepared to take on the responsibility.
Final Thoughts
Estate planning can feel overwhelming, especially for new or growing families juggling the demands of daily life. But taking the time now to create a thoughtful plan ensures that your children, assets, and wishes are protected no matter what the future holds. Whether it’s choosing guardians, setting up a trust, or coordinating life insurance with your estate plan, each decision you make brings clarity and peace of mind. Remember, you don’t have to navigate this alone. We’re here to guide you through every step with care and experience. Call us at 617-431-2669 to start building a plan that truly reflects your values and safeguards your family’s future. The post Frequently Asked Questions Estate Planning for New and Expanding Families first appeared on Lannik Law, LLC.