As a parent, one of the most important elements in your estate plan is your child’s guardianship appointment. The guardian that you choose could play a critical role in your child’s upbringing. Many parents do not understand the factors that should contribute to that decision.
If you are trying to make a rational determination, there are a few things to think about.
Do you need multiple guardians?
One thing that you may not consider is the benefit of appointing multiple guardians for your children. Sometimes it is hard to choose a guardian because the best person to raise them may not be the most impartial with their trust fund. If you establish a trust to support the children, you may want to appoint a legal guardian to have custody of the children and a financial guardian to manage their trust.
Have you considered your prospective guardian’s capacity?
When you choose a guardian for your children, you need to consider the prospective guardian’s capacity to raise your children. For example, if the individual you are considering already has several children, you may want to consider choosing someone else. In addition, it is important to choose someone responsible enough to raise your children but young enough that your children will not be a burden.
Appointing the right guardian for your children gives you the peace of mind that they are properly cared for after your death. Talk with your prospective guardian before naming them in your estate plan so that everyone is on the same page.