What Does Guardianship Planning Entail?
Leaving instructions! The goal is to ensure that whether the children are in our care or the care of a guardian, they will be raised the same way, with the same lifestyle, values and ethics.
Important Issues To Address with Guardianship Planning
• Who controls and manages the assets for the children (TRUSTEE)
• Who physically provides day to day care for the children (GUARDIAN)
• What values should be instilled in them (i.e. Raising financially responsible children who understand the value of a dollar and have a strong work ethic)
• Creating incentives for them to accomplish certain goals (i.e. pursue higher education, obtain a post high school degree)
• Protecting your children from overspending, creditors, divorce, etc.
How Is This Accomplished?
Step 1: Understanding what things are important to you, your goals for your children whether it is: education, work ethic, community service, philanthropy, entrepreneurship, etc.
Step 2: Understanding your children: their personalities, strengths and weaknesses, and spending habits, etc.
Step 3: Creating instructions and crafting a plan that will accomplish your goals and is custom tailored for your family.