Here’s a novel way to think about estate planning when you’re a parent of a young child: You want to identify your child’s “Alfred,” then hope you never need him.
Dr. Thomas Wayne and his wife, Martha, had one son, Bruce. Thomas was a gifted surgeon and a generous philanthropist, with the backing of means he inherited from his father. Martha was a loving mother and the heir to the Kane Chemical fortune. Together, Thomas and Martha raised their son in a loving home, Wayne Manor, giving him a very privileged life when he was young.
That all changed when Bruce was eight years old. Thomas and Martha took Bruce to a screening of a Zorro movie at a local cinema. As they walked back to their car after the show, they were mugged. The attacker tried to steal Martha’s pearl necklace, a gift from Thomas.
Not one to easily give in to threats, Thomas tried to defend his wife and fight off their attacker, but in the resulting struggle both Thomas and Martha were shot and killed. Bruce witnessed the whole encounter but survived. It was never clear why the mugger spared Bruce’s life, but he was certainly scarred by the encounter.
Because of the fortunes left to him by his parents, Bruce was not in danger of poverty. He was, however, without a family. That’s where Alfred entered the picture. Alfred was the Wayne family’s butler, but after the deaths of Thomas and Martha, he became much more than that. He became a father figure to Bruce, and he raised Bruce as legal guardian.
Alfred was a British noble, classically trained as a butler, with a history as ex-special ops with ties to the intelligence community. His special ops background came in handy when Bruce embarked on his career as a crime-fighter. But before that, his selflessness, reliability, and strong moral fiber were his defining characteristics as he raised the trouble orphan.
You might find it difficult to relate to Thomas and Martha. You probably didn’t inherit the generational wealth they were able to leave for Bruce. But you can relate to them in at least one important way. If one day you were not around to care for your young children, you’d want to know they were raised by someone like Alfred. You’d want someone you can depend on to care for them as much as you did, someone wise, dependable, selfless, and reliable.
We have no way of knowing if Thomas and Martha left a last will and testament, but for you, that’s the right way to ensure there is a proper guardian in place to care for any minor children you leave behind. Many of my clients realize there is a need to name someone as guardian for any minor children they leave behind, but they aren’t sure how to do it.
The will is the right place to make that appointment. You can also include in your will alternate nominations to account for situations in which your top choice predeceases you, moves away, or is otherwise unsuitable to serve.
To be clear, all a parent can do is nominate a guardian for their minor children. Only a judge in guardianship court can make the final and official appointment. But Arkansas statutes are clear that guardianship judges are to give primary weight to the nominations made in valid wills.
You may not have someone with the talents, skills, and background of an “Alfred” in your life to nominate as guardian, but his skill set is not likely what your children would have needed anyway. You know best what your children’s needs are likely to be in your absence, so you want to be the one to choose your children’s guardian based on those needs and your family dynamics. This isn’t something you want to leave to chance. If you don’t make a nomination in your will, who knows who will step in to serve, and who knows whom the judge might appoint.
If you have young children, you need a plan, and The Elrod Firm can help. Check out our website, ElrodFirm.com, to learn more, then call to schedule a no charge consultation with one of our attorneys to protect your children’s future.
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