If you aren’t there in the future, how will your children be raised?
Have you as parents ever considered what would happen if you weren’t there to make important decisions about your childrens welfare, upbringing, lifestyle? Would your childrens guardians (assuming you have thought about this also) know what you wanted for them?
You may have provided for your children’s needs financially through an estate planning process including such solutions as life insurance and preparation of wills. Whilst I applaud you for having done that much, there is much more to your children’s welfare than just the $$$.
During a recent visit to my own solicitor I collected a brochure with information for parents about a “Guideline for the Guardians of your Children” document. This document contains a set of guidelines or instructions for those whom you as parents – or as sole single parent – appoint as guardians of your children. It ensures that those who have responsibility for the care and nurturing of your children to adulthood will know what you want for your children – if you are not there for them yourself. Such a document can cover a full range of life and lifestyle issues ranging from naming those people you want to be involved in their lives through to their living environment, their schooling, their upbringing generally and all other matters important to you as a parent.
Heres my admission … I haven’t done one yet but I know I should. Just think about these benefits:
- you will be taking the time to thoughtfully consider those issues that most relate to your children’s well being and ongoing development.
- a “Guideline for the Guardians of your Children” document gives you greater comfort in knowing that you have done everything possible to ensure that your children will be raised the way that you would want – if you were not there for them in the future.
- whilst the document itself is not legally binding, a Court deciding issues concerning a child makes its decision based on “what is in the best interest of the child concerned”. If parents have taken the time and effort to prepare detailed instructions concerning the childs welfare, then generally those instructions would be followed.
Once completed, it will give you many benefits, whatever your circumstances.
Most of all, going through such a process will give you greater piece of mind. A process and potential state of mind achievement, very similar to that of developing and maintaining your own financial plan. Both can be journeys of real personal discovery.
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Dan Smith is self employed and is for many families their trusted Financial Planner based in Rockhampton. He has clients in various locations throughout Australia but predominately in Central Queensland and specifically the geographic area encompassed by the Rockhampton Regional Council.