Kids Protection Plan Information
What if you are seriously injured in a car accident while driving your children to swimming lessons?
What if your spouse is out of town and you are rushed to the emergency room?
Who will ensure that your children are kept out of foster care?
And, yes, what if you die prematurely?
Hopefully, you will live to meet your great-grandchildren. But, truth be told, you have no idea when you will die—only that it will happen sometime.
How The Kids Protection Plan Will Help You
The Kids Protection Plan will help you protect your children, values, and peace of mind. You will have:
• Created a plan in case something happens to you and/or your spouse/children’s other parent while your children are in another’s care.
• Chosen and documented a first responder to immediately go to your children and care for them in the event that your permanent guardian is not immediately available or lives some distance away.
• Notified your guardians and first responders as to their responsibilities and provided detailed instructions about what to do, should they be needed.
• Designated long-term guardian(s) for your children, in order of preference, and created a legally binding document ranking your choices.
• A wallet ID card with the names and telephone numbers of your first responders.
• Provided a babysitter information sheet so they will know who to call if you don’t come home.
• Documented those relatives who you do not want to serve as guardians of your children and created legally binding and confidential documentation of this choice.
• Provided instructions to your guardians about the environment in which you want your children raised.
What the Kids Protection Plan Does Not Do
Completion of the Kids Protection Plan is the first step in the estate planning process. It ensures the care of your children only. It does not prevent your assets from going through the 12-18 month probate process upon your death, nor does it provide planning to avoid estate taxes, or protect your children’s inheritance from lawsuits, bankruptcy, divorce, or estate taxes in their estates.
It does not name a financial guardian to care for your assets on behalf of your children. A court can distribute your assets to a financial guardian to be held for the benefit of your children until they turn 18 years of age. Then the assets will be distributed to them outright, totally unprotected.
Don’t leave your children unprotected another day.
SOURCE FOR POST: Fellow Personal Family Lawyer Linda Sherfey