If you have children under the age of 18, you must take this into consideration when creating an estate plan. You want to know that your children will be taken care of in the event that you pass on.
Even if you have an idea of whom you want to choose as the guardian of your minor children, it doesn't mean you can make a quick decision. There is a lot to think about, including the following details:
- Who is willing to take on the responsibility: Just because you want to name a person as guardian of your children doesn't mean they agree. You must discuss this with the person before adding them into your estate plan.
- Parenting style: If something happens to you, your children will face many changes in their life. This is why it's so important to choose a guardian with a parenting style that matches yours. It helps to maintain some level of stability during a very difficult time.
- You can choose multiple guardians: It's not ideal for everyone, but you have the right to choose a different guardian for different children. This may make sense if you have a large family and don't want to place the burden of multiple children on one person.
- Health and finances: The guardian you choose should be in good health. Also, you want to select someone who has their finances in order, as raising a child or children is not cheap.
- Talk about it: Discuss the pros and cons with each person you're considering with your spouse. Also, once you make a final choice, sit down with the proposed guardian to get their thoughts. The more you talk about this, the more you'll understand if you're making the right decision.
When everything is said and done, you should then get it in writing. Remember, your guardian selection is not official until you make the necessary changes to your estate plan. You should never assume that everything will work out. The only way to guarantee this is to put it in writing.
There is a lot to consider when creating an estate plan. When doing so, think about the well-being of your children in the event of your death. Naming a guardian will give you the peace of mind you and your children deserve.