Estate planning can be difficult enough when you don’t have any children. However, if you add at least one child to the mix, you’ll soon find that you need to make a variety of key decisions.
There are many things to consider when choosing a guardian for your child, including the following:
- Choose a person who has the same values as you and your spouse. This will go a long way in ensuring that your child is raised in the appropriate manner (based on your wishes).
- You have the right to choose multiple guardians. While this isn’t something some people want to do, it may be necessary depending on your circumstances and the number of children you have.
- Focus on financial stability. The last thing you want to do is name a person as guardian who lacks financial stability, as this can put a lot of strain on him or her.
- Age is important. You don’t want to choose a guardian who could face health issues or pass away in the near future, as the result of old age.
- Talk things over with the person you choose. One of the biggest mistakes you can make is naming a guardian without first asking the person if he or she is up to it.
While these are some of the more important details to consider when choosing a guardian, there are many other things that could come into play along the way. You should address any question or concern that comes to the forefront.
As long as you are patient, you should be able to make an informed and confident decision that will give you peace of mind.
You hope that your guardian never has to take over for you, but planning for the future is a necessity. This is what estate planning is all about.