Parents of minor children have more to consider with regards to estate planning than just property distribution. A parent is responsible for the safety and welfare of their children. In Indiana, you can account for the guardianship of minor children within a Last Will and Testament. In the alternative, Indiana law allows parents to appoint a standby guardian to eliminate any gap in the care of children following the death or incapacity of the parent.
A standby guardian holds the powers necessary to support and care for children and takes immediate effect upon the death or incapacity of the custodial parent without the need for a Court hearing. To establish this appointment, parents must sign the proper documentation in the presence of a notary public. This tool is only a temporary fix, however, as the standby guardship will terminate 90 days after becoming effective. If a standby guardian intends to petition for a permanent position as guardian, he or she must do so within that 90-day period.
For more information on how estate planning options or guardianships can protect your children, call us at (317) 825-5110.
This McNeelyLaw LLP publication should not be construed as legal advice or legal opinion of any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own lawyer on any specific legal questions you may have concerning your situation.