Probate
What Is An Estate Plan?
Very simply, an estate plan is a collection of documents by which you control the distribution of your assets in the event of your incapacity or death. Creating an estate plan requires considering a wide range of issues including legal, financial, emotional, and logistical issues.
Estate planning can be a positive experience, because it involves reviewing and assessing your current situation as well as planning for your future and your family's future. Although most people find it unpleasant to think about the possibility of disability or death, advance planning is one of the best ways to avoid difficulty and reduce distress later. Death is not the only event you should plan for. Due to an illness or accident, many people become incapacitated, either for brief periods of time or permanently, and cannot make their own decisions. If you become disabled, your family and friends will be emotionally distraught and yet still may need to make very important decisions for you. Making decisions for an incapacitated person is always difficult. The person making the decisions will feel more comfortable if the incapacitated person has left advance instructions and has selected a specific person to make decisions. Estate planning can accomplish these goals.
Naming A Guardian For Minor Children:
All parents worry about what would happen to their children if both parents died. If one parent dies or becomes incapacitated, then usually the surviving parent will retain sole custody of all children, unless special circumstances exist. If both parents die, then usually there must be a court action to appoint a legal guardian for the children. In such a proceeding, the court will always look first to the desires of the parents, preferably expressed in a written Nomination of Guardian. The court is required to appoint a nominated person as guardian unless this would not be in the best interests of the child. Of course, it is very important to carefully consider who would be the appropriate guardian of your children. Consider many issues including will this person be able to care for your children until they are 18? Even if one person is suitable, might there be an even better choice?
Be sure to ask your "nominee" if he or she will agree to care for your children should something happened to both parents. Don't risk putting someone in the awkward position of first learning of your nomination after you die. Even the most supportive and caring friend or relative may have good reasons for declining to take on the burden of caring for more children. You should also nominate alternate choices for guardian, in case your first nominee is later unable to take your children.