If you have a minor kid(s), guardianship designation is a crucial instrument to include in your estate plan. This will state who will raise your kids when you cannot.
So, who should you pick to assume such a sensitive duty? Here are four things to consider:
You may not find someone who will raise your kids exactly as you would, but someone who shares your values, parenting style and goals can be a suitable choice. Chances are you already know someone who meets this quality among your loved ones.
You can have multiple guardians for your child. For example, if you have a loved one skilled in financial management, they can be responsible for your child’s finances while another takes care of their daily needs. This may be essential if you have more than one child and don’t want to burden one person. You can assign each child’s financial matters to different members of your family or friends.
Separating your kids can negatively impact their wellbeing– if possible, they should live in one home.
You will plan for your child’s finances. But consider choosing a financially stable guardian. This means they can manage their finances and can handle some of your kid’s expenses without difficulties.
Age and health
Age and health may not necessarily determine good parenting, but they are vital. You may want to choose your parents, but they will be older when your child gets to high school – they may be unable to take care of some responsibilities. Further, choose someone whose health factors don’t pose a significant risk to their life expectancy.
Guardianship decisions are not set in stone. Get legal guidance to make informed decisions and changes when necessary.