One of the major reasons young couples need to make a will is to establish guardianship for minor children. In addition they can provide for the establishment of a trust to manage the children’s inheritance and provide for the children’s financial needs.
However, little attention is given to the additional burden placed on the guardians. For example: Is the guardian’s home large enough for the increase to their family? Can the guardian afford to pay for expenses in advance and then request reimbursement from the trust? What accounting burden is placed on the guardian regarding simple purchases such as additional food, eating out, fuel, utilities, etc.?
Be sure to discuss these things with your financial advisor and attorney to determine how they might best be addressed in your case. The solutions vary based on family size and financial situation.
As a side note to parents, if you have not already prepared child ID information, it can be done quickly and easily and could be of enormous help in case of emergency. Check with your local law enforcement office to see if they prepare child ID kits. Or, you can obtain an inkless fingerprint ID kit prepared by the National Child Identification Program through the products page of this website.