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What are some factors to consider when choosing a guardian for your child?
Selecting a guardian for your minor child is one of the most important decisions you will ever make. For many couples, choosing a guardian seems an impossible task. At times, parents will feel so overwhelmed with the monumental choice of naming a guardian that they may cease all estate planning. Without a will that expresses your choice for a guardian, the court will be left to make the decision as to who will raise your children in the event you and your spouse die. Don’t leave your child’s future up to a court. Start considering the following factors to assist you in selecting a guardian today.
The Age and Health of Your Potential Guardian
A lot of couples first consider naming one of their parents as guardian. This can be a fine selection, but there are some drawbacks to consider. First, you should take into account the age of your parents. If your parents are older, you could be setting your children up to lose another caregiver. Additionally, raising children is a physically taxing job that requires a healthy guardian. Ensure your parents would be able to manage the daily responsibilities that come with raising young children for the long haul.
The Location of Your Potential Guardian
Losing your parents is a traumatic event of immense magnitude. To then have to move to a faraway location and leave your friends and school could make the situation all the more difficult. Sometimes your ideal guardian will not live close by and that may be okay, but you will want to at least consider the question of location and perhaps ways to ease the transition for your child.
The Financial Security of Your Potential Guardian
You want your children to be raised in a stable environment similar to what you would have provided. This generally requires that the guardian be financially secure. Ideally, you will leave funds to go towards the care of your children, but your named guardian will certainly incur some additional expenses in raising your children. You further want to ensure that the funds you leave for your children are used wisely and for their benefit.
Naming a guardian for your minor children in the event of your death is an emotionally difficult process, but it is one that all parents should complete. As a parent, your child’s future is your primary concern. Start the process of protecting your child’s future by contacting an estate planning attorney today.