As a parent, you might sometimes ask yourself what would happen to your children if you are not there. It is not a topic you want to sit with for too long, but it may be worth doing something about.
If you are an Arkansas educator, you already understand the power of planning for your students every day. Your children also deserve that same intentional care, and that can mean choosing trusted people to raise your children and protect your financial legacy. This guide can help make the process of naming a legal guardian feel clearer and less overwhelming for you.
If you do not choose, the court will
Without formally naming a guardian in your will, an Arkansas judge will decide who raises your children based on their best interests. You could risk having the court choose a relative you would not have picked. Moreover, without indicating a legal guardian, your surviving family members may end up in a costly legal battle over custody.
Two roles you need to know
When you are considering guardianship, it is vital to remember that it encompasses two distinct legal roles that can be tailored to your family’s needs. The guardian of the person handles the day-to-day realities of parenting, such as providing emotional support, making medical decisions and choosing their schools and colleges.
In contrast, the guardian of the estate is responsible for the financial side of your children’s lives, specifically managing the assets you leave behind. This can include your Arkansas Teacher Retirement System (ATRS) benefits and life insurance proceeds. You may name one person for both or appoint two different people to create a checks and balances system.
Choosing the right people
When selecting the people you want to care for your children, there are a number of factors you need to consider. First is the candidate’s location, as maintaining stability within your children’s current Arkansas school district can be vital when they are still grieving. In addition, the guardian should have the physical and financial capacity to raise your kids into adulthood.
Beyond these logistics, it is also wise to choose someone who aligns with your specific views on education and upbringing so your children are raised with the same principles you instill today. You may also want to name at least one backup guardian to ensure a judge never decides your children’s future if your primary choice cannot serve.
Taking action: Your next legal steps
In Arkansas, the most common way to legally name a guardian is through a last will and testament. Seeking legal guidance can help ensure your chosen guardian’s nomination is legally binding and integrated with your teacher benefits.