Naming a guardian for your minor child is a crucial step when creating an estate plan. It’s vital to designate someone to take care of your child when you are unable to. But you should make the right choice to ensure your kids are protected as intended.
Here are four factors to keep in mind when choosing a guardian for your child:
Shared values
You should choose a guardian who shares your values, including parenting style, educational beliefs, family views and so on. You want someone who will raise your child close enough as you would.
You can tell if you share values with someone by watching how they raise their kids if they have any, or how they act around your own children.
Character
The court typically approves guardianships. For this reason, you should choose someone who can be approved to assume their duties. The court may not approve someone with a history of drug or alcohol abuse or a criminal record.
Age
You may want to choose your parents to raise your kids if anything happens to you. While this can be possible, it can be challenging for them to deal with your child’s social and emotional needs when they become a teenager.
Consider choosing someone in your age bracket. Remember, you can also designate your parents to be your child’s guardian for a specific period, and then, another party takes over until your child turns 18.
Financial stability
Financial support is one of the duties of a guardian. Even though you will leave money for your kids, you want someone who can comfortably meet their needs.
A guardianship designation is an essential document in your estate plan. Get legal help to make informed decisions.