Providing for Our Children
in the Event of Tragedy
By Timothy Dixon Simply Hers Magazine
The news is riddled with stories of young parents dying in many ways, such as injuries sustained in car accidents, cancer, or being shot during a robbery. In addition, many of us have heard stories, or even known someone, who suffered poverty and hardship, or whose children became wards of the state following a parent’s untimely death. What would happen to your children if either you or their other parent died unexpectedly? What would happen to your children if both you and their other parent died while they were minors or still in college? Most of us acknowledge that our life expectancy is unknown and our lives could change instantly from a spectrum of ills that befall humanity. These unexpected events sometimes cause families and children to suffer hardships; however, there are steps that can be taken to lessen the suffering if something bad and unexpected did happen.
Timothy E. Dixon Licensed Michigan Attorney Law Office of Timothy E. Dixon 27 N. Broad St. Hillsdale, MI 49242 Ph: (517) 437-4070 Fx: (517) 437-4062
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Michigan allows parents to designate a guardian for their children in the event that one or both parents die while the children are minors. A guardian takes care of the children’s personal needs and upbringing; a conservator takes care of money and other assets inherited or received by the children. The appointment of a guardian can be placed in a will or in other writing. A will has the advantage of providing for the disposition of the testator’s assets, and a will can be used to nominate a conservator. Another writing designating a guardian would not have these advantages, but it would be simpler and less costly for an attorney to prepare. In either case, the document must be properly witnessed by at least two
persons. Designating the person you want to rear your children helps ensure that they are reared in a home that adheres to your wishes and is consistent with your beliefs. Without such an appointment, court hearings and family turmoil may occur. One of the problems that a child’s guardian often faces after becoming responsible for another’s children is paying for their clothing, medical care, extracurricular activities, education and vacations. To ensure that enough money is available to rear the children, parents will often purchase life insurance. A life insurance policy can be made payable to the surviving parent, the children, the guardians, your estate, or the trustee of a trust. There are positives and negatives to each of these choices, so the beneficiary designation should be thoroughly considered. Another problem that a child’s guardian faces is how to follow your wishes concerning education, gifting of money, travel experiences and religion. Parents will oftentimes establish a trust, either in the will or as a standalone document, to provide guidance and support. The trust may also include the hopes and dreams the parents have for their children for guidance. None of us knows the future. Beyond taking reasonable precautions, we cannot prevent tragedy from striking our families unexpectedly; however, we can make plans to provide for our children in the event that tragedy occurs.