Naming a guardian for a minor child when estate planning is crucial. This ensures the child is taken care of by a trusted party when the parents become incapacitated or die before the child is an adult. However, some parents make certain mistakes when naming a guardian.
Here are three such mistakes:
1. Not making it official
Talking to a loved one about them taking up responsibility for your child when you are unable to raise them is not enough. By accepting the role, they do not automatically acquire legal authority.
You need to put the nomination in writing. You can have a guardianship clause within your will in which you name your chosen party as your child’s guardian, or use a separate guardianship designation document to do so. Failure to do this will result in the court determining who is best suited to raise your child.
2. Not naming alternate guardians
It’s highly recommended to name an alternate guardian. However, some parents don’t do it. They only name one party. Doing this can lead to challenges if the primary party is unwilling or unable to serve when the time comes. When you name a backup option, they will take over when the first choice can’t serve without following several court procedures.
If your child will have two guardians (a guardian of the person and of the estate), ensure you name alternate options for both.
3. Not communicating your wishes
As a parent, there is a way you wish your child to be raised. While you have taken the necessary steps to name a capable guardian, it also helps to communicate your wishes. Help your chosen party understand how you want your child to be raised, and leave written instructions.
Making these mistakes when naming your child can result in complications. Learn more about the best practices to observe to protect your child.