As you create your estate plan, if your child is a minor, you may be interested in picking a guardian. In fact, maybe that’s the whole reason you wanted to create that estate plan to begin with. You just became a new parent and you need to know who is going to take care of your child if you cannot do so.
It is important to take the correct legal steps to set this up. But you also simply need to consider who you want to choose to be the guardian. Here are some traits you may want to look for.
Physical ability
First of all, many parents consider picking their own parents as the guardians, because they are the child’s grandparents. This can’t be effective because you know that they already have such a close personal connection, but you really have to consider your parents’ mental and physical health to determine if they would be able to do this job. This is especially true if your children are very young and so your parents would theoretically have to raise them for years or even decades.
A similar parenting style
You probably have opinions about what type of parenting style is best for your child. It can be wise to pick someone that will at least generally agree with these parenting tactics. This makes the transition go more smoothly for your child and you know that they’re being raised in a way that you would approve of.
Similar goals and values
Parents also have very different goals and values. Some value education for example, while others value religion. There’s no right or wrong set of values to choose from, but you may want to choose a guardian who is going to give your children a similar upbringing.
Financial ability
Finally, just consider that person’s financial ability to take care of your child and provide for their needs. It’s not all about whether or not someone is willing or if they have a similar parenting style. They also have to realistically be able to take on this new role in your child’s life.
Once you determine who you would like to choose, then it’s a matter of setting up your estate plan and officially selecting that guardian. Be sure you know about all of the necessary legal steps to take at this time.
