Financial planning for life’s swings and roundabouts
Your kids will benefit if you plan for the worst
What would happen to your children if you were to die while they are still minors? Who would raise them?
If you’re married, responsibility for the care of your children would fall on your partner. But what if you’re a single parent? And what if both you and your partner were to die at once? Who would you want to be the guardian of your children?
“A legal guardian is the person you nominate to take care of your children if both parents die before the children turn 18,” says Elmien Pols of Private Client Holdings. If you fail to nominate someone to be the legal guardian of your minor children, they could end up with someone you would not have chosen, says Pols...