As part of your estate planning, you may need to pick out a legal guardian. If you pass away while the children are still minors, you know that someone will be there to take care of them. This person may also help transfer your estate to the kids as you designate. Young children have many financial needs, but this does not mean you want to leave all of your assets directly to a 10-year-old.
The first thing to think about when selecting a guardian is finding someone who has the same parenting style and the same values that you do. This gives the child consistency. It also gives you peace of mind since you know the child will be raised to live the same type of life as if you were still around.
Next, make sure you think about that person’s health. It is not disrespectful to reject someone who is in poor health if you honestly worry that they will not be able to care for your children. Similarly, age may play a role. Picking someone in their 70s to raise your young kids may be impractical, even if they love those kids.
Finally, think about the financial ability of that person to raise your children. If something happened to you tomorrow, would they be able to support the children? Pick someone who is able to take on this new role.
Choosing the right guardian is very important. That’s why t is crucial that you understand all of the legal steps you need to take to secure your children’s future.