To ensure proper care for your minor children in the event of both parents' incapacity or death, consider the following steps:
Nominate a guardian of the person: This person will be responsible for the child's well-being, including providing a home, deciding where they live, and making medical decisions.
Appoint a guardian of the estate: This person will manage any assets inherited by the child. This appointment is helpful even if a trust exists, as there may be stray assets not managed by the trust.
Establish a living trust: A well-drafted living trust can manage assets for your children even while you're alive, ensuring their financial stability.
Prepare a parental consent document (optional): This document is useful when children travel without their parents, granting temporary guardians the authority to engage with healthcare professionals in case of illness or injury.
By putting these documents in place, you can help ensure your minor children receive proper care and support should anything happen to both parents. For more information on Utilizing Irrevocable Trusts For Estate Planning, an initial consultation is your next best step.