We always try to to be clear about the difference between two related sciences, Estate Planning (a.k.a. DEATH planning, what happens to my “stuff” and family when I die) and Asset Protection planning (a..k.a. LIFE planning how do I make sure my “stuff” lasts my whole life and is preserved for my family).
At the end of the day, both of these types of planning address the same concerns from different angles; the people you care about and their happiness, saftey and well being.
The most passionate questions and concerns I and the many fine Estatee Planners I work with all over the country concern our client’s children, and how they will be protected and provided for. The article below concisely summarizes many of the issues that must be addressed when selecting a a guardian for their minor children.
As attorney Vonda W. Chappell explains, “A guardian is the person or persons who are nominated in the Last Will and Testament of a decedent to provide for the care and custody of minor children in the event that neither of the natural parents survive until all of their minor children attain the age of majority. In essence, a parent is being asked to name a substitute for himself or herself to continue to raise his or her children in the extremely unfortunate event that he or she is not able to do so”.
SEE THE ORIGINAL ARTICLE AND MS. CHAPPELL’S THOUGHTS HERE: