As you create an estate plan, you need to think about the future well-being of your children. Unfortunately, this means thinking about a situation in which you may pass on before your children reach the age of 18.
Even though you don't want this to happen, you need to protect your children accordingly. This means naming a guardian for your minor children in your estate plan.
Here are some tips to keep in mind when choosing a guardian:
- Know what you are looking for. The way you raise your children may not be the same as the next person. You need to choose a guardian who will raise your children the way you would.
- Ask for permission. It's one thing to choose a guardian, but another thing entirely for a person to agree to this. You need to discuss your choice with someone before you make it final.
- Financial stability. Choose a person who is financially stable, as adding one or more children to their situation could make things even more difficult.
- Age is important. You don't want to choose a guardian who could pass away in the near future, as this will call for you to make a change to your estate plan. Choose someone whom you feel will be healthy enough to take care of your children well into the future.
With these tips guiding you, it's much easier to choose a guardian for your children. It'll always be hard to think about this, but it's the responsible thing to do.
Once you make your decision, you don't have to worry about who will watch your children in the event that you pass on. You'll know that there is a responsible adult ready to step in, care for your children, and do whatever it takes to ensure that they are raised appropriately.
During the estate planning process, don't hesitate to turn your attention to this detail. Your plan isn't complete until you name a guardian. This is every bit as important as other details, such as naming heirs and taking steps to avoid probate.