A key part of estate planning for those with minor children is setting up a guardianship. Many young parents do this as soon as they have their first child. They don’t expect to pass away suddenly, but they want to know that someone will be there to raise the child if they do.
There are a lot of different things you have to consider when determining who to pick as a guardian. What parenting style do they have? Do they have the financial ability to take care of the child? Are they interested in the job and do they have a close bond with your child? One of the most basic things to keep in mind is that age can play a big role in a guardianship designation.
The age of the guardian
First of all, consider the age of the person you’re choosing as a guardian. If they had to begin raising your child, how old would they be when your child turned 18?
Some people consider picking their own parents, but this can be problematic if that would mean that your parents had to raise your child into their 70s or 80s. You may need to pick someone younger who will actually be able to maintain that role for as long as necessary.
But you also need to consider the age of the child. For instance, if your parents are 65 and your child is a newborn, they may not be the best fit. But if your parents are 65 and your child is already a teenager, then it may be fine to choose your grandparents. Even if you passed away the next day, they would only have to raise your child for a few years until they turn 18.
With guardianships and other aspects of drafting your estate plan, the key is planning in advance. Carefully look into the options you have at this time. Speak to an experienced law firm today to explore your options.