Page 4 - White Paper-Estate Planning for Young Families

able to handle a 15-year-old? It is well worth considering naming a sibling
either as a primary guardian or as a back-up guardian should your parents be
unable to take on the responsibility.
2. If someone else needed to raise my kids, what parenting philosophy would I
want him or her to follow? This does not need to be in your will, but it is a
conversation worth having before selecting a guardian.

3. What values, religious or otherwise do I want to pass along? This is a
consideration that often favors close family members as guardians, whether
the priority is continuity of religious faith, maintaining connection to a
particular ethnic or cultural heritage, or any other core values that are
important to you and your family.

4. Where do your candidates for guardian live? Many people choose a relative
who lives closer to where their children are being raised to minimize
disruption to the children.

If you designate one or more guardians in your will, after careful consideration of
the above factors and other things that are important to you, you can have the peace
of mind that comes with knowing you have done everything you can to ensure that
your children have the kind of upbringing you would want in the event that the worst
happened.

Protecting Assets for Your Children

Your first priority, of course, is making sure your children are taken care of, and if
something were to happen to you that responsibility would most likely fall on your
spouse. For this reason, many people have their spouse as the primary beneficiary
on life insurance and the sole heir for other assets.

It is important to consider, however, whether you want to guarantee some kind of

legacy for your children specifically in the future, be it a property or other asset that
has been in your family for generations, or a desire to be sure that they have a sum

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