As you do your estate planning, if you’re a young parent, one of your top priorities is probably just picking a guardian for your children. They are still minors and they will be for a long time, so you need to know that another parental figure can step in and raise them if need be.
Finding the right person for this job can be difficult. Here are a few things that you want to consider.
Do they have a relationship with the child already?
People often pick close friends or family members as guardians, so there’s a good chance the person that you choose will already know and care about your child. This is also important because it will make the child feel more comfortable.
Do they have similar values to you?
Everyone has different values and goals when raising children. This isn’t to say that any set of values is better than another, but you certainly do want to find someone who agrees with your general parenting philosophies and will raise your child in a manner that you would approve of.
Are they willing and able to do it?
The last thing to think about is whether or not the person is willing to take on this responsibility and if they are mentally, physically, and financially able to do so. For instance, grandparents sometimes are not the best choice because their health can be problematic, but another young couple may face financial issues trying to raise additional children. You need to weigh all these factors.
Once you find someone to be the guardian for your child, then you need to know how to officially put this into your estate plan.