An estate plan allows you to plan for your minor child’s future. With a guardianship designation, you can state who will take care of them when you are unable to and how they should be raised.
So, how do you pick a guardian for your minor child?
Here are four factors to consider:
Shared values
If you have specific values (educational views, religious beliefs or parenting style) you wish your child to grow around, you should consider them when choosing a guardian. Pick someone who shares your values.
Financial stability
It’s crucial to choose a financially stable guardian. While you will leave money for your child, you want someone who can handle some of their needs without difficulties.
Location
Your child may cope with their new life easily if they are not uprooted from everything they know. Thus, it may be unwise to choose a guardian who lives in another city or state. But if your best choice lives far away, your child can visit them regularly to familiarize themselves with the new place and possibly make friends.
Age
Many people choose their parents to be guardians for their minor children. While this can be beneficial since the kids already have an existing relationship with their grandparents, it may not be effective with time. For example, it can be challenging for your parents to meet your child’s needs when they get to high school. Your parents may be dealing with health issues at that time.
If you name your parents as guardians, consider picking a back-up who will assume the role when they want to step aside.
You should get legal help when choosing a guardian for your minor child to validate your decisions.