We take good care of our children and, if something were to befall us, we have our wills, powers of attorney, and a benevolent society upon which to rely; however, while no child is overlooked, are they actually seen?
With minor children, complications can arise on second death (in your wills) or on second mental incapacitation (in your powers of attorney). The finances might be available, but has the care of the children and distribution of the finances been fully thought out and addressed?
Things to take into account when addressing your wishes for your children:
- Do you want to ensure access and visiting rights for family? Do you want to deny them for certain people?
- Do you want your children in certain daycares or day homes? Private school?
- Do you want your children’s post secondary education fully or partially funded?
- Do you want to fund contributions to their RESP?
- How long do you wish the guardianship to last?
- Are they out the door completely or partially when they are 18?
- Do you want the children to have access to certain sports, fine arts camps or programs?
- Do you want to express your morals and values in the raising of your children?
- Would you like to leave a record of the family medical history?
Guardianship
Should the first guardian die, resign, or become incapable, have alternate guardians been named? Naming guardians may not avoid having to go through the courts for custody; however, having guardianship addressed in the will and power of attorney should fasttrack the process for the guardian.
Bequeaths
Are there certain items you want preserved and held in trust? These may include family heirlooms, art, jewellery, or family photo albums. In 20 years, we may not be using the same technology for viewing today’s digital photos and videos. Would you like your digital family A/V files to be transferred to a permanent/archival storage medium for posterity?
Financials
Is payment addressed? Is there funding for all those wishes you have for the care of your children? Are the
guardians being remunerated and/or having their costs covered for housing, feeding, clothing, and general care
and transportation of the children? For instance, when the children come to live with their guardians, will the
guardians need to upgrade or renovate their home to accept the children? Care and costs are pretty minimal when the children are young, but as they get older and taller, their clothes become more expensive, and their extra-curricular activities demand more time.
How is the annual income requirement for raising your children being financed? Is there a trust generating
enough income? How much of the income is to be assigned, to what purposes, and in what priority? The money for all this is presumably coming from your existing savings and investments, and, depending on the circumstance, disability or life insurance.
It is true that such considerations can complicate an otherwise neat and tidy estate plan, but let’s not overlook these details as it’s in the best interest of our children.