Nevada Estate Planning & Elder Law Information Blog

Things to Consider Before Accepting Guardianship of a Child

This article come to us from the Financial Transitions March 2008 Newsletter published by Wachovia Securities,

When asked to served as the guardian of someone's minor children in the event of his/her death, it is usually meant as a compliment.  However, don't accept this role without giving it serious thought.  Consider the following:

Are your lifestyles compatible? 

Go over all details involved in raising the children.  Will the children have to relocate far from their current home?  It is difficult to lose parents, but it becomes even more traumatic when the children must relocate away from friends and school.  What are the parent's preference regarding education, religion, lifestyle, and other factors?  However well does your family get along with their children?  Consider the impact on your children, including the fact that you will probably have less time available for them.

How much financial support will be available? 

This involves more than making sure money is available for college and other expenses directly attributable to the children, such as clothing, medical expenses, and entertainment.  Additional children in your house will increase many of your bills, including food, utilities, transportation costs, etc.  Your house may now be too small, requiring an addition or moving to a larger home. 

Are you comfortable taking on responsibility for the children's finances? 

Just because you agree to take physical custody of the child does not mean you have to handle their finances.  You may feel more comfortable with another person involved to review how the money is spent.

Has a contingent guardian been named? 

Find out if a contingent guardian has been named in case you cannot serve.  However, do not use this as an excuse to say yes when you really want to decline.  It is better to indicate that you do not want to take on this responsibility now, so another guardian can be chosen.  Also if your situation changes in the future, inform the parents immediately. 

What Is The Most Common Mistake You Can Make In Estate Planning?

If someone were to ask me what the most common mistake is you can make in estate planning, my answer would be simple.  The most common mistake is simply not getting around to planning at all.  Remember the old adage "failing to plan is like planning to fail".  Well this is particularly true in the case of estate planning. 

  The best way to protect you and your loved ones, is to make the time NOW to plan your future estate.  Both you and your loved ones deserve to have a secure future.  Nothing is more frustrating or frightening to family members than having to guess at what they believe your wishes would have been.  You can take the guess work out of the equation by following these easy pointers:

1. Make a Will.  Everyone needs one.  If you do not draft a will, the state will decide what happens to your property after you die.  A will allows you to designate to whom and how, you want your property to pass.  Whether you have a minimal, modest or large estate, you will want to designate the person you wish to wrap up your business after you have passed away.  This person is called the executor of your estate.  Additionally, your family will already be dealing with the grief of your passing, you do not want to compound that grief by failing to leave any directions about how you want your personal property distributed.  If you want your wedding ring to go to your granddaughter, or your gold watch to pass to your son -- let them know in your will.

2.  Keep Your Beneficiary Designations Current.  I know I have written about this before, but I cannot say it enough -- in many cases the beneficiary designation will trump what is written in your will or trust, so make sure your beneficiary designations are consistent with your other estate planning documents.

3.  Execute Powers of Attorney to Plan for Incapacity.  Who will take care of things for you if you are unable to speak for yourself?  A Durable Power of Attorney and a Medical Power of Attorney can protect both you and your family's interests.  A Durable Power of Attorney allows the person you choose to make legal and financial decisions on your behalf.  A Medical Power of Attorney allows you to state in advance the kind of medical care you would want in the event you become incapacitated, and further allows you to indicate the person you would want to make medical decisions on your behalf if you are unable to speak for yourself.  If you do not have these documents, and attorney and the court will need to become involved at the time of your incapacity, which is not only time consuming, but can be a real financial burden for your family.      

Make the time today to see a professional about your future.  If you do not already have a relationship with a qualified estate planning attorney, please contact The Herr Law Group at 735-4377.  We would love to meet with you and talk to you about your planning options.

Are You Traveling Outside of the Country?

If you are planning to spend your time traveling in retirement, here is a helpful tip you should know: 

All persons (including children) traveling internationally by air are now required to have a valid passport.  To apply for a U.S. Passport, applicants must apply in person and:

• Be a U.S. Citizen
• Submit Proof of U.S. Citizenship
• Complete a Passport Application and Pay the Appropriate Fee
• Provide 2 Identical Passport Photos
• Show Valid Identification

Note that all applicants must appear in-person, including children.  If you are applying for a minor child  under the age of 14, both parents or legal guardians must consent to the application.  If you are applying for a minor child between the ages of 14 and 17, parental consent may be requested.

In Henderson you can apply at the Office of the City Clerk, 240 Water Street, Henderson, 89015 -- Tel (702) 267-1400, or at the Henderson Post Office, 404 S Boulder Hwy, Henderson, 89015 -- Tel (702) 565-2719.

For information on obtaining a U.S. passport click here to be directed to the U.S. Department of State Website.