A legal guardian is someone who would step in and care for your children if you could no longer do so. Choosing someone as a guardian is one aspect of the estate planning process.
Selecting a guardian for your children is an important decision you need to make as a parent. There are a few factors to keep in mind when choosing a guardian for your children.
Family dynamics
According to CNBC, approximately 67% of Americans do not have an estate plan, and many parents with children have not named a legal guardian. Consider the dynamics within your family when selecting a guardian. Think about the potential guardians’ relationship with your children and their ability to provide love, support and stability.
Financial stability
The guardian should be capable of providing for your children’s basic needs, including food, shelter, clothing and education. Take into account the potential guardian’s financial situation and their ability to manage the financial responsibilities of raising children.
Location and lifestyle
Think about where the guardian lives and whether it is a suitable environment for raising children. Consider factors such as access to quality schools, healthcare and recreational activities. Additionally, assess the guardian’s lifestyle and whether it aligns with your parenting values and preferences.
Health and age
While age alone should not disqualify someone from becoming a guardian, consider whether the guardian’s age and health will allow them to care for your children over the long term. Choose someone who is likely to be physically and emotionally capable of meeting the demands of parenting.
Once you have chosen a guardian for your children, formalize your decision legally. Create a will or guardianship agreement that clearly outlines your wishes regarding the care of your children in the event of your incapacity or death.
