If you have a minor child, it’s critical to name a guardian for them when estate planning. This party will take on parental-like responsibilities if you become incapacitated or die before your child becomes an adult.
Choosing someone who will potentially be responsible for your child’s physical and emotional well-being can be sensitive. Below are three tips to help you make an informed choice:
Decide which qualities matter to you
Many qualities define a good guardian. Someone who shares your values, is responsible, has an existing relationship with your child, is financially stable and is willing can be the right party. Nonetheless, it’s important to know your non-negotiables. Decide on the qualities that matter the most to you.
For instance, if you have more than one child, you may be looking for different qualities than someone with one child. This can also be the case if you have a child with special needs.
Choose different types of guardians
You can name a guardian of the person and a guardian of the estate for your child. The former will raise them, providing daily care and making personal decisions, while the latter will manage their inheritance. So, if you have a loved one who possesses the skills needed to raise your child as you would have and another who is knowledgeable about financial management, they can both be your child’s guardians.
Name alternate guardians
It helps to name backup guardians of the person and estate. If anything happens and a primary party cannot serve, an alternate one will seamlessly assume primary duties. This ensures continuity of care without the need for lengthy court processes.
When estate planning, you nominate a guardian for your child. The court will make the final decision based on your child’s best interests. Obtain more information on how to choose someone whose appointment can be approved.