When creating an estate plan, you spend many hours thinking about who will receive your assets upon your death. For example, you may decide that it's best to leave everything to your children.
Since your children are such a big part of your life, it's imperative to name a guardian for any who are under the age of 18. This helps ensure that the right person raises your children in the event that you pass away while they're still minors.
Here are some things to consider when choosing a guardian:
- Parenting values: You want to choose a guardian who shares the same parenting values as you. For example, you may have strict guidelines on how you raise your children. When you choose a guardian who will take the same approach, you know your children will be in good hands.
- You can choose multiple guardians: If you have several children, for instance, you have the ability to choose more than one guardian. Since this is such a big decision, as you'll split your children up, you must strongly consider the people you choose.
- Financial stability: It's not cheap to raise a child, so you want to name a guardian who is financially stable. This helps avoid a situation in which your guardian is put in a financial bind if you don't have considerable assets to leave for your children's upbringing.
These are far from the only factors to consider when choosing a guardian, but focusing your attention on these will give you a good starting point.
Estate planning is challenging, especially when it comes to naming a guardian for your children. However, once you have all the right details in place, you'll feel better about the future.