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Adoption/Guardianship of a Dependent Child Taking responsibility for a child is an important decision in one's life. As a guardian, you become the primary person responsible for the child's needs and progress in life. Not only must you consider the child in this process, but you must also consider yourself, other family members, and the family environment. Planning Notes: Financial planners recommend that whenever there is an addition to your family you should update a number of personal plans and documents. Here is a checklist of some items which you may need to update, revise, or consider: Will Living Trust Estate Plan Durable Powers of Attorney Designation of Beneficiary: IRA, 401k, Life Insurance Adequacy of Life Insurance Adequacy of Disability Insurance