The following article will cover:
- The consequences of improper estate planning on minor children, their guardianship, and asset distribution.
- The importance of estate planning tools, such as designating a guardian and successor in a Will, to ensure minor children are cared for by chosen family and friends.
- The need to plan for both temporary and permanent guardianship of minor children.
Without Proper Estate Planning, What Could Happen To My Minor Children In The Event Of The Death Of A Parent Or Other Legal Guardian?
Without proper estate planning, a guardian for your minor children will be appointed under New York State law based on “the best interests of the child.” You can designate a guardian (usually the surviving parent) and a successor guardian in your Will. If you do not, the Court will appoint a guardian.
Additionally, your assets may be distributed through intestacy to your legal heirs, who may not necessarily be the guardian caring for your minor child. This situation could arise when a parent remarries and has additional children entitled to distribution under intestacy.
What Estate Planning Tools Should Parents Use To Ensure Minor Children Will Be Cared For By Chosen Family And Friends, In The Event Of Parental Or Other Legal Guardians’ Death?
Under New York State law, a guardian will be appointed based on “the best interests of the child.” To ensure that your minor children are cared for by your chosen family or friends, designate a guardian (usually the surviving parent) and a successor guardian in your Will. If you do not, the Court will appoint a guardian.
If We Choose A Legal Guardian For Our Children, Can That Guardianship Ever Be Challenged?
Yes, under NY State law, guardianship can be challenged based on “the best interests of the child.” If your chosen guardian is proven to be unfit, or another person applies to the Court to be appointed as guardian, the Court will decide what is in the children’s best interest.
How Do We Need To Choose And Plan For Both Temporary And Permanent Guardianship Of Minor Children?
To plan for both temporary and permanent guardianship of minor children, designate a guardian and successor in your Will. Ensure that you discuss your intentions with the chosen person(s) to confirm that they will accept responsibility for the children. An application to become the child’s guardian (unless the guardian is the surviving parent) should be filed immediately with the Court upon the parent’s death.
For more information on Estate Planning For Minor Children In NY, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (914) 350-3842 today.
