I’ve been researching for hours now, but everything is so confusing. My husband and I just want to make sure that our children are taken care of, but we have problems with his side of the family. We would like to appoint guardians for our children, and they have already agreed that they would do it, but from what I’ve read my husbands parents could petition also and potentially get the children. Is there any way to make sure that the children go to the ones we want them to go to? Also, we have a large amount in life insurance and retirement, plus our belongings. What would be the best way to make sure that our guardians we chose can use these resources to care for the children? Any information would be great! Thank you.
You and your husband (hereinafter collectively referred to as “you”) should prepare last wills and testaments (“wills”) in which you will name a guardian in the case where the survivor of you dies survived by a minor child as well as spell out how your assets are to be managed for the benefit of your children (for example, the surviving spouse’s will may establish a testamentary trust to hold your assets for the benefit of your children who may receive income and principal in the trustee’s discretion during the trust term). You may decide to establish a revocable trust during your lives to transfer assets to (but not your Florida residence while you have a minor child because of the respective prohibition under Florida homestead law) for probate avoidance purposes. Along with wills, you should prepare financial durable powers of attorneys and designations of health care surrogates. You may decide to also prepare Health Insurance Portability and Accountability Act (HIPAA) releases and living wills.
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The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida, Waltham, Massachusetts, and Salem, New Hampshire.