As a parent, a part of your estate plan should likely include appointing a guardian to look after your child in the event of your sudden death. This trusted individual will have the legal right to make important decisions on your child’s life, which usually involves education, health and other significant events.
With that said, choosing the right person to handle this responsibility is important. To help you make a sound decision, here are four factors to consider.
Evaluate the values you want your child to have
Your chosen guardian can influence the growth of your child through their lifestyle, values and beliefs. That is why appointing a guardian who shares your principles is crucial.
Ask yourself what values you would like your child to have. Consider other factors that could affect their behavior, ability to maintain relationships and life purpose. Then, think about who in your family or close friends possesses the same values.
Look to family members or close friends
When selecting a guardian, it is natural to consider family members, such as your siblings, grandparents, aunts and uncles. They are often the people most familiar with your child’s best interests. However, you can also choose your close friends as your child’s guardian, provided that they meet the legal qualifications.
Consider the financial state of the potential guardian
Thinking about a future without your child can bring sadness and anxiety. However, you may find peace knowing that your child is in the good hands of your chosen guardian. The individual you nominate must be financially stable. As the guardian, they should have the appropriate means to fund your child’s education and provide for their needs.
Discuss the guardianship
Discuss the matter with the chosen individual before naming them in your will. This necessary step informs them of their potential responsibilities and any other issues they should know. Once they agree on the role of guardian, you may proceed with legal finalization.
Making preparations for guardianship ensures the well-being of your child. Consider starting the scouting process and discussing your expectations with your prospects as early as now. If you encounter difficulties in choosing a guardian, consider seeking advice from an estate planning attorney to gain clarity.