Chances are you are always thinking about what will happen to your minor child when you are unable to take care of them. And an estate plan can give you peace of mind regarding this matter – you can choose a guardian for your child.
But who should you pick?
Someone who shares your values
If you want your child to be raised around certain values, such as religious beliefs, morals, educational views and parenting style, choose someone who shares your values.
Someone financially stable
You will leave your child money, which will be managed by the guardian or a different party. But still, it’s crucial to pick a financially stable guardian. Raising a child can be costly, and some expenses are unforeseen. You want someone who can take care of such expenses without feeling burdened.
Someone with an existing bond with your child
Familiarity can be vital in helping your child cope with the new life. Thus, a close family member or friend may be a great option since your child already has a bond with them. Further, if you have a close loved one with kids the same age as yours, they may be a suitable option.
Someone who can take care of your child for years without difficulties
Choose a guardian who will comfortably raise your minor child until they become an adult. Your parents may be able to take care of them now, but may find it challenging when your child gets to high school. They will be older at that time and may be dealing with health issues.
Thus, if you want to choose your parents as guardians, you need to name a backup party who will assume responsibility when your parents want to step back.
You should consider legal guidance to validate your guardianship designation and other documents in your estate plan.