If you have a minor child, it’s crucial to draft a guardianship designation when estate planning to plan their future. With this document, you can name a party that will raise your child when you are unable to.
Below are four elements to consider when picking a guardian:
1. Someone close to the family
It can be beneficial to choose a close family member or friend as your child’s guardian, ideally someone with an existing bond with your child. This can make it more manageable for your kid to cope with their new life, as opposed to being moved to someone they have seen a couple of times.
2. Someone with children
While this doesn’t have to be a necessity, someone with children, if possible close to your kid’s age, can provide a familiar structure. Your child will have peers to interact with, get ready for school with and so on.
3. Someone who shares your values
It can be easier if your child moves to a household with similar values to yours. These include parenting style, education beliefs, goals, religion and so on. Assess your loved ones to identify those who share your values.
4. Someone financially stable
Although your estate plan will allocate assets to your child, consider choosing a financially stable guardian. Raising a child can be expensive – unplanned expenses may come up. Besides, the money you leave your child may not be accessed immediately. A financially stable guardian can meet your child’s immediate needs while waiting for other funds.
It can be unfair to put financial burdens on a loved one even if they want to raise your child.
A guardian can take care of your child if you become incapacitated or die. Seek legal guidance to validate your guardianship designation and other estate planning documents.