Estate planning is a crucial step that all adults should consider doing. And some life changes can motivate you to do so, such as having a child.
An estate plan is not all about distributing inheritances – it consists of several documents that protect your wishes, including who will and how to raise your kids when you die or become incapacitated. Guardianship designation for minor children is an integral part of estate planning.
But who should you pick as a guardian for your child? It will be best to think about the following:
Someone who is willing to raise kids
With guardianship, you could have a conversation with the people you are considering to determine those who are genuinely willing to raise children. It’s not unfair for someone to turn down the offer. You should respect their opinion and appreciate their honesty. This doesn’t necessarily mean they don’t care about your kids.
Someone who is financially sound
Undoubtedly, your estate plan has covered your kid’s finances, which means they will be in good hands should anything happen to you. Nonetheless, you may need to consider a financially sound guardian who can manage these finances as you intended. They should be able to make informed decisions to protect the child’s future. You can tell this by assessing how they manage their finances and life in general.
Someone who shares your values
Your kids should be raised by someone who shares the same values as you. It can be challenging for a child to adjust to a home with different values from what they were used to. You don’t need to pick someone exactly similar to you, but they should share your views on critical parenting matters.
It’s necessary to find the right guardian for your child. You should consider getting legal help during guardianship and in creating the document.