Every parent should have their paperwork in order if they have minor children, and even more so if you are an older adoptive parent. By paperwork I mean life insurance, a will, and finances.

In my opinion, life insurance is particularly important if you do not have a lot of savings. Whoever is going to have custody of your child is going to need the money to raise him. Finances should be allocated in a sensible manner so that no one can take all the money you have left in a lump sum and spend it. If you have enough money in savings, it might be advisable to set up a trust fund. A good legal adviser who specializes in wills can guide you in making these decisions.

The most difficult decision will be regarding the guardianship of your child in the event of your death. Make a list of the characteristics of the kind of person you would want raising your child, and whom your child would be happy living with. After that, start talking to possible candidates. Often members of the extended family will assume that they will have custody of your child, but they may not be the people you would want raising your child. There is a helpful article here about choosing a guardian.

Older adoptive parents who have adult children should consider them as possible candidates to raise a younger adopted sibling, if the adult children are in agreement.

 Usually older adoptive parents have to have legal guardians in place for the home study to be completed, but that does not mean it is written in stone. You can change your guardians later on if need be.

What happens to your minor children if you don’t have a will that names a guardian to care for your minor children? Well, the state will appoint a guardian. Now why would you want total strangers making that decision? Additionally, your estate will be divided among your family according to the laws of your state and not your preferences.

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