Sep 5, 2008 9:46 pm US/Pacific
Call Kurtis: Guardianships
SACRAMENTO (CBS13) ―
It's not something anyone likes to think about. But do you know who would take care of your kids if something happened to you? If there isn't a plan, they can become wards of the state. We call on Kurtis Ming with the top four things parents need to know when setting up a guardianship.
Heather Stoneman is an estate planning attorney and now a mother.
"It wasn't until I had my son that I went out and bought a big life insurance policy, I made sure my disability was in order. I updated my trust," says Heather.
In addition, Heather and her partner Susan assigned legal guardians.
"God forbid something happen to you, who is taking care of your kids?" says Heather.
Parents may have someone in mind, but without guardians legally assigned, you can't be sure who would raise your children.
"The court would come in and appoint people to do that but that would be expensive and it may not be the people you want to take care of your kids," explains Heather.
Stoneman says 70 percent of people don't do any estate and guardianship planning.
"It is on our list of things to do. We've talked about it a million times," says Alexandra Koutsogeorgas, a mother of three.
Alexandra and her husband have three kids, but they're in that 70 percent and haven't picked legal guardians.
When you appoint legal guardians, make sure you:
Have a life insurance policy to help cover costs in raising your children
Designate when and how your children will receive their inheritance
Designate who will manage your children's inheritance, if different than your guardian
Make sure you name a successor guardian in the event something happens to the primary.
Because without guardians:
"It's a nightmare, it's expensive, and it's emotionally draining. It's something you can entirely prevent," explains Heather.
Alexandra says picking guardians are now at the top of that 'to do' list.
"I think it is extremely important so the kids are taken care of the way we would want them taken care of," says Alexandra.
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