Recently, Paula Christine was talking to her daughter about an uncomfortable topic – what would happen to her daughter’s kids if she weren’t around?

Attorney Shannon DeWall rejoins us today to talk about the documents you need to protect your children should you pass away or even become incapacitated. They include a will, a standalone document for guardianship in the event of disability, and (in many cases) a trust. Minors cannot inherit money, but that money can go into a trust to provide for them.

Shannon also advises against making the trustee and the guardian the same person. This can provide some valuable checks and balances to protect the children.

Paula makes a good point in today’s episode – if you don’t stipulate a guardian for your children, that can end up in probate, and the kids could go with someone you don’t even like! Also, what if you’re still alive, but incapacitated? You need to prepare for that possibility as well.

We do break down the case of divorced parents. Often, the surviving parent would get custody. But if the parent who passed away had full custody previously, that may not be the case.

For more information on this topic, you can reach Shannon at Shannon@Dewall-law.com or at 734-772-1220. Her website is: https://dewall-law.com/
Need help with your financial future? Learn more about Paula and her work at PaulaChristine.com or send her an email: Paula@PaualChristine.com