In addition to protecting your assets, your estate plan also offers essential tools to protect your family members. For example, wills allow parents to name guardians for their minor children, which can offer ample peace of mind.
While it may be an unpleasant subject to consider, failing to name a guardian leaves the decision to the court. You must also consider your selection carefully, as the person you choose must be well-suited to the job. Here are a few things to consider during the estate planning process.
The person’s values and beliefs
You naturally want your child’s guardian to adhere to a similar value system as you and your family. In this case, you can rest assured that your child will lead a life that you approve of, which is very reassuring to parents. For instance, many parents emphasize kindness and consideration to their children to ensure they carry these values into adulthood. As a result, the person you choose should also value these tenets.
Their financial responsibility
In addition to providing care for children, the guardian must also manage their inheritance until they reach a legal age. In this case, you must pick a person who exhibits financial responsibility in his or her own life. This will prevent them from spending money frivolously and potentially endangering your child’s inheritance. Consider the amount of debt the person has, their income, and whether they seem competent at managing their own finances when making a decision.
Whether they are willing to assume the role
Even if you find the perfect candidate, you must ensure they are willing to do the job. Being legally and financially responsible for a child is a big undertaking, and some people may not have an interest in the responsibility. As soon as you make your decision, contact the person, and get their perspective. If they agree to become a guardian, you can then take the necessary steps to include them in your will.
You can also name a backup just in case your first choice is not available. Just be sure to communicate your thoughts and feelings to the backup and secure their acceptance before moving forward.