Perhaps the most significant decision you will make in your estate planning process is appointing a guardian for your children in the event of your death. Many younger adults underestimate the importance of naming a guardian, but you should do so if you have minor children.
There are a few key considerations as you consider your guardianship options.
Have the conversation
Before you appoint anyone as your children’s guardian, take time to talk with them about it first. Express your intention and ensure that they are comfortable taking on the role. Some people struggle with the idea of raising a child, so you want a guardian who understands and accepts the commitment.
Include a financial plan
Although you should choose a guardian who is financially stable and able to care for your child, that does not mean you should leave the entire financial burden up to them. Consider establishing a life insurance policy or trust account for your child’s expenses to ensure that guardianship is not a financial burden.
Consider their relationship
Anyone you consider as your child’s guardian should have an established relationship with the child already if possible. This reduces the anxiety and upheaval in the event of your death. Remember that your child will need time to grieve and they need a guardian they trust to help them through.
Careful consideration helps ensure the proper choice for your child’s guardian. Consider these points as you decide who you wish to raise your child if you become unable to.