I have young children. How can I protect them if something happens to me and my spouse?
A lot of people come to see me and they're very concerned about what happens to their children if they and their spouse both pass away. And there's a lot of things that we need to put in place but the number one thing that we need to do is put in place a document that lists a long-term guardian for your children. You want to make sure that you not just list one or two people but have at least three people so that if something happens to the first you've got a couple of fallbacks.
The other thing that I encourage people to do is don’t just put people as guardians for your kids just because they have a lot of assets and could afford to do it because that's our responsibility as parents to make sure that our kids are taken care of. So we need to either make sure that we have enough assets or supplement our assets with additional insurance.
What I encourage my clients to do is pick long-term guardians who would, as close as possible, raise your children as well as you would and then well make sure the money is taken care of through other means. But, definitely make sure that you have a long-term guardianship document in place.