Estate planning for parents often begins with a guardianship designation. The parents are certainly going to consider other topics like how to pass their assets down by writing a will, but their main focus is on their child. In fact, having a child often is the catalyst for many people to start thinking about estate planning.
But how do you pick the right guardian? It’s important to find the right person, so here are a few factors to consider.
Are they willing?
First of all, talk to the person to find out if they want the responsibility of raising your child. It may be too much of a financial obligation for them, or they may be committed to a child-free lifestyle. Ensure that you and the potential guardian are on the same page.
Will they provide the upbringing you desire?
Next, think about how they will likely raise your child. Do they have similar values to you? Are you part of the same religion? Do they have the same parenting style? You need to decide what factors are important to you and look for them in a guardian.
Are there any age or health concerns?
Finally, remember that raising a child typically takes around 18 years. It’s a substantial undertaking, so you don’t want to choose someone who isn’t in good physical or mental health – or someone who is too old to care for your child for that long. For instance, even though your own parents may seem like a natural fit, age often means that grandparents are not the best choice.
As you make your estate plan and set up your guardianship designations, carefully consider all your legal options.