If you have a minor child, it’s vital to establish guardianship for them when drafting an estate plan. The legal guardian you choose will take care of them if you no longer can.
Here are two instances when they may need to assume their duties:
1. Incapacitation
Suppose you become severely incapacitated to the point you can no longer care for your child. In that case, your chosen guardian may need to step up. Note your condition would need to be extremely serious for this to occur. Normally you could just find a workaround.
2. Death
While you may want to raise your child to adulthood, anything can happen. If you die before they become independent, it’s vital to have a legal guardian who will take care of them.
Who should you choose?
With the sensitivity of a guardian’s role, you want to choose someone dependable. Thus, it’s crucial to consider certain factors; including:
- Shared values – Does your chosen party share your goals, values and parenting style?
- Character – Will the court approve your chosen party? The court may refuse to approve someone with a history of substance abuse or a criminal record.
- Financial stability – Can your child’s guardian meet their needs? While you will leave money for your child, you want to choose someone who can take care of unforeseen or emergency costs without feeling burdened.
- Age – Your parents may be the right choice, but will they still be able to take care of your child comfortably when they become teenagers?
- Location – Will your child have to move to a different neighborhood, city or state? Even though it can be beneficial for your child to remain close to their friends, do not overlook a reliable guardian solely because they live elsewhere.
Choosing a guardian can be a daunting task. Get adequate information to make your experience more manageable.
