Estate planning can be a difficult process for all parents of young children. Dealing with the reality that children of any age will be left behind can be hard to deal with. In the case of young children it is important that parents face their dread and make arrangements for the sake of their children's future.
Safety is Extremely Important
The first thing that should be considered when estate planning in New Hampshire is the well being of the child. A guardian should be chosen that is loving and that will provide the best level of care available. The guardian should be able to provide the child with a safe, secure, comfortable environment that will help the child get through the difficult period of loss.
When thinking of suitable guardians go over every detail of their home life. If they have children consider how their children are dressed and how they behave. Recall all of the times that the children have been sick or injured and the state of the home in general. When planning for the future of your child be realistic and discuss all details with your spouse even if they might seem rude or cruel. Do not sugar coat a person's life style when you are attempting to choose a guardian for your child.
Establish Your Child's Financial Security
Finding a good guardian with a safe home is the first step in estate planning for young children, the second part is ensuring their financial security. Your goal should be to maintain your child's current standard of living and helping the new guardian avoid financial hardships caused by caring for a child. Set up a trust that they will be able to manage when they are of legal age. In the meantime find a professional to act as trustee so that they can manage the funds until your child is legally able to take over.
Acquaint Children to Your Plans
Children understand far more than most parents realize so be sure to include them in all important plans. Talk to them about estate planning and help them grow accustomed to the idea. Avoid additional shocks by letting your child grow accustomed to the proposed guardian. Let your child stay with them whenever possible and listen to their feedback.
If your child has another suggestion for a guardian do not hesitate to look into it. In the end the choice will affect them more than it will affect you so do not discount their opinions. When trusts are involved also introduce your child to the trustee so that they are comfortable with them and familiar with them.
