Who will care for my child?If you have someone in mind to care for your child if something should happen to you, it’s important to get that information legally documented. This can help ensure that your child will be with who you intended to help raise them and have guardianship over them. Whether it’s a relative or a close friend, your child should be cared for by the person you wish to do so. If both legal parents pass away, a court will decide who should care for the child or children in question, if there is no specific indication in a will.
How will this person pay for my child’s expenses?Another factor that goes into deciding who will care for your child is how will they financially support your little one. Taking on the care of a child can impact the financial situation of the caregiver. From added food expense to the cost associated with school activities, you will have to factor these types of expenses into your decision. You can designate a certain amount of your assets to be distributed to the individuals who will gain guardianship of your child. You can also specify that any money that is distributed be used for the sole purpose of raising your child, to avoid it going toward another cause.
How will my child gain access to my assets?In your will, you can narrow down when and how your children will receive your assets. Many times, guardians will be given a portion of the assets in order to help with expenses of raising the child. On other occasions, all assets may not be distributed until the child is of legal age – 18 years old. You can specify exactly how your child will gain access to your financial assets.
Most parents have a natural instinct to protect their children and Gibbons Law Firm can help you do just that! With a plan in place for the future, you can rest assured that your children are taken care of and your wishes will be fulfilled. If you don’t have a will in place should something happen to you or your spouse, it’s time to take action. Contact our attorney at the Lake of the Ozarks to start preparing your family for the unknown future. To schedule a free consultation to discuss your future wishes, give us a call today!
Remember, your initial consultation with Gibbons Law Firm is always free.
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Gibbons Law Firm
2820 Bagnell Dam Blvd, Suite B4
Lake Ozark, MO 65049