Protecting minor children is one of the objectives of estate planning. If you have a minor child, it’s crucial to name a guardian who will take care of them if you are unable to because of incapacitation or death.
Virginia law allows parents of a minor child to appoint two types of guardians by will – a guardian of the person and a guardian for the estate bequeathed to the child. The former will be responsible for the child’s daily care, and the latter will manage the child’s finances. Two people can assume these roles, or one person can do both.
You want to be intentional about the guardian you name for your child since they will potentially raise your child to adulthood. Here is how you can do this:
Know the qualities to look for
Parents prioritize different qualities when looking for a guardian for their minor child. In addition to willingness to assume the role, parents often consider:
- Shared values (educational beliefs, parenting style, religion and so on)
- Financial stability
- Age and health
- An existing relationship with the child
- Criminal history
- Location
Take some time to identify the qualities you believe are crucial for raising your child, and then choose someone you believe is best suited for the role.
Have a conversation with them
Once you have narrowed it down to one or more people who possess the qualities you are looking for in a guardian, you should have a conversation with them. This helps you identify one who is willing and then start preparing them for the role.
Name alternate guardians
It’s recommended to name alternate (backup) guardians. By doing so, you get to retain control over who becomes guardian if the primary one is unable to serve.
Nominating a guardian for a minor child is a crucial part of estate planning. Learn more to choose the most suitable party and document your choice.
