There’s a lot to think about when creating an estate plan, including who you will name as guardian of your minor children. While you hope that this will never be necessary, you must cover all bases and name a guardian nonetheless.
Here are five things to think about when choosing a guardian for your children:
- Parenting style: Choose a guardian with a parenting style that is similar to yours. This will ensure that your children maintain some level of stability, even if you’re no longer around.
- Shared values: The things that are important to you in life should also be important to the person you name as guardian.
- Financial stability: It’s not the only thing to consider, but you don’t want to name a guardian who doesn’t have much financial stability in their life. This can throw them for a major curve, while also putting your children in a difficult spot.
- Age and health: You don’t want to choose a guardian who has health problems and/or is approaching the end of their life. It’s best to focus on people who are around your age and in good health.
- The people are willing to help: You may have someone in mind, but the individual isn’t willing to be named as guardian of your children. Make a list of people who are willing to help. From there, narrow your options and ask for permission before making a final decision.
When you plan for all contingencies, you’ll find it much easier to choose a guardian. Once you make this decision, your estate plan will be more complete and you’ll have more peace of mind than ever.