Estate planning is largely about assets. You set up tools to ensure that your assets go to the right people. Nonetheless, there is more to it than this. You can utilize your estate plan to ensure that the right people take on the appropriate roles.
One thing you can do is name a guardian or guardians in your will. A guardian is someone who will care for your minor children should something happen to you. What factors should you consider when choosing someone for this role?
Are they financially stable?
It costs a lot of money to raise a child. While you may be able to account for much of this in your estate plan, you’ll still need your chosen guardian to be financially stable. Without financial stability, your guardian may struggle to meet the needs of your child. For example, what if they need emergency dental or medical treatment?
Physical capabilities
Your natural choice for guardians may be your own parents. After all, they raised you and your siblings. Nonetheless, the reality is that they are significantly older than you. They may have the love, intention and experience to raise children, but are they still physically able? Raising a child, particularly an infant, is highly demanding physically.
Similar values
If you want your child to be raised with certain values, then your guardian will need to share these. For example, if you want your child to be raised according to certain religious tenets. Or, if you just want them to retain certain family values as they grow up.
As you can see, choosing the right guardian can require a lot of thought. As you come up with your estate plan, it can be very helpful to have legal guidance on your side.