If you have a toddler, you need an estate plan. You may not be very old and you may assume that you have decades of life ahead of you, and you certainly may be right. But you need to make sure that your toddler will be taken care of if something unexpected happens.
After all, estate planning doesn’t just involve leaving your assets to your heirs. If your child is a minor, you may need to pick a guardian. How should you find the right person?
Questions to ask
It can be difficult to settle on the right guardian for your child. A key part of the process is simply to ask yourself a number of questions, and the answers can help guide your decision. Examples include:
- Does the person have the financial means to take care of the child?
- Is the person in good physical and mental health?
- How old is the person and will they be able to be a guardian for your child’s entire life?
- Is the person interested in being the guardian and willing to take on this responsibility?
- Does this individual have similar values to you?
- Are they going to use a similar parenting style and do things in a manner in which you would approve?
- Does your child have a previous relationship with them?
After you decide who you’d like to pick to be the guardian, then it’s time to take the proper legal steps to get everything set up. It’s important to get this right so that you know that your child will be taken care of if necessary.