Estate planning involves making numerous important decisions about who inherits your assets upon your death. A will can largely address these issues.
However, a will can also serve other key functions such as naming guardians for your minor children. A guardian is a person given the authority to raise your children should something happen to both parents.
Certainly, this is a huge decision. So how do you pick the right guardian?
You want someone healthy
You may feel like your or your spouse’s parents are the natural choice to be guardians. Nonetheless, it’s important to consider the physical demands of raising a child. Your parents may be elderly by now or approaching that stage of life. Are they really physically capable of raising a child or even a young teenager?
An approved way of life
Everyone has different parenting styles, but there may be some areas where you aren’t willing to compromise. For instance, if you are from a religious background, you may want your children to be raised according to the tenets of your faith. If you have specific requests like this, then it’s important to ensure that your nominated guardian takes this as seriously as you do.
An already established bond
Ideally, a guardian will already have a strong bond with your children. This can make the transition much smoother should something happen to you. Someone with children of their own that are at an age similar to yours could be the ideal choice. Even in unexpected circumstances, there are ways to ensure that your children receive the stability needed to thrive.
When writing your will or other estate planning documents, it will be beneficial to have legal guidance on your side. This can help you ensure that you plan meets your needs and is legally valid so that administration of your estate goes more smoothly.