Thursday, November 2, 2017

Questions to Consider When Planning for Your Child’s Future

The future is full of unknowns which can make it hard to prepare for. Even though many parents do not like to think about the “what ifs”, it is important to the well-being of your child to do so. If something should happen to you and/or your spouse, you will want your child to be protected. There are steps to ensure your child has everything that you have intended for them to receive. Our Lake of the Ozarks law firm can help establish a plan in order to protect your child, should something unfortunate happen to you. While these topics are not easy to think about, remember it’s best to be prepared.

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.

Where will they live?

If you want your child to keep up with his or her normal routine, you can specify where you would like your child to be raised. Whether you intend for the caretaker to move into your home to offer a familiar environment for your children or you want to specify that your child attends the same school, it’s important to note any special requirements that would like to take place.

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.

Your Trusted Legal Resource

Gibbons Law Firm
2820 Bagnell Dam Blvd, Suite B4
Lake Ozark, MO 65049
(573) 348-2211

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