Back to School

To parents, I believe the most wonderful time of the year is the back-to-school time of year. As a perpetual student and now a professor, I will say that I am also re-energized at the beginning of the school year. I love the restart of learning and focused energy on advancement. 

For those with minor children, I like to remind the parents to be thoughtful of the responsibilities of caring for the babies. Of course, as parents we ill always be thoughtful of caring for our children. We need to have painful thoughts when we think about what the best protective action for our children is. As an estate planning attorney, I have the difficult responsibility of discussing with parents about the possibilities of providing for their children in their incapacity or the death. It is a thought that many people find so painful that they choose not to answer the question and simply pray that nothing happens to them. I believe that our best strategy is to pray for the best and plan for the worst. I believe it is best to have a plan and tools and not need them than to need a plan and tools yet not have them. 

If you have minor children, the legal parents should make the decision who would have legal responsibility for the children if the legal parents are not able. This is a challenge if both legal parents are not actively engaged in the life of the child or children. However, lack of involvement does not disavow any parent of their legal rights. This is an area of great concern for many parents. When the primary parent is not able to care for their child due to death or disability, they may not want the other parent who has not been actively involved in caring or participating in the child’s life to have the primary legal responsibility. However, that is not the legally authorized answer. Unless the parent has lost his or her legal authority, there would not be a need for intervention on behalf of the court. 

When there is inability for the legal parents to care for minor children permanently or for a short term, the parent can identify a standby guardian. That documentation would nominate someone to act as an interim guardian until the court established the legal permanent guardianship. This would enable someone to act to make medical and educational decisions for a minor child.   

To provide for the child financially, a trust would be the most appropriate vehicle for preserving assets for the benefit of a child. As you cannot distribute any real property or cash directly to a child it is necessary to provide for that child through establishing a trust. In many cases, when there has been co-parenting and not a continued relationship between the parents, a parent may choose to identify someone else to support providing for the minor child financially, as a check and balance to ensure that the funds and resources are managed for the benefit of the child.

Also for our almost grown children, those who are legally defined as adults but not really, we recommend that a Financial and Health Care Power of Attorney be created for the ability to continue to support our young adults. This document will allow the young people to waive their right to privacy to receive necessary financial and health care support. Additionally, for those young adults who are attending school, I recommend that they have the young person execute a Family Education Right to Privacy Act waiver. This waiver allows the school to supply the parent with the information regarding the student’s academic, financial and health matters. It is best to have the necessary tools in place to provide for your young people. 

Celebrate the most wonderful time of the year through planning and caring for the ones you love.