You know that you’re getting older, and you’re expecting your first child. You’ve never felt like it was very important to put together a will or to have a good estate plan when you were single or even when you only had a spouse. Today, you realize that having a good estate plan will be beneficial for your child.
You’re right to think that way because an estate plan can do much to protect your child in the case that you and your spouse pass away or cannot care for them. You can assign a guardian or conservator for your child in the estate plan you build so that you know that someone will always be there to care for them if you can’t be there yourself.
What does a child’s guardian do?
What they do, or what they are allowed to do, is completely dictated by if you and your spouse are alive. If you are impaired and unable to care for your child or you’ve passed away, then the appointed guardian takes on a role similar to a parent. They’re expected to house and care for your child in the same way that you would.
If you decide to set up a guardianship, it would be a nice addition to create a trust for your child and some kind of payment for the guardian. While most people would refuse payment, the reality is that raising children is expensive. Setting up a trust can help you pay for things like your child’s college tuition or their first vehicle, while a payment for the guardian may give them a financial boost that helps them support your child.