May 2, 2008
Deciding who will care for your minor children if something happens to you is a tough decision in any circumstance, but it is a decision that you are most qualified to make in your lifetime. Without proper planning, your wishes might not be followed later.
Consider the following scenario. Michael and Alice are a young married couple living in Springfield with two small children. Michael has two sisters, one in Springfield and the other fifty miles away. Alice has one brother in Springfield. Michael's parents reside in another state and Alice's parents live in Springfield. Each set of grandparents are in their seventies.
Michael and Alice did not feel that it was necessary to prepare estate planning documents because the only real asset that they owned was a house, which had very little equity. Unfortunately, Michael and Alice were involved in an automobile accident that killed both of them.
Now, someone must decide who becomes the guardian of their minor children. Should it be Michael's unmarried sister who lives in Springfield or Alice's brother and his wife who also reside in Springfield but are having marital problems? Should it be Michael's other sister who lives in a different city but whom Michael and Alice have always felt closest to? How about either set of grandparents who provide love and support and have experience in raising children?
In most cases, if you die leaving minor children, the other parent will raise and support them. ...
You may read more at the link below.
by: Todd C. Ratner, Esq.