Making an estate plan gives you a chance to choose a guardian for your child. Ideally, this person will never actually have to take on this role and raise your child in your stead. But choosing a guardian gives you peace of mind and sets up a secure future for your child in case something happens to you.
How do you choose the right person to raise your child if you can’t? Here are a few things to keep in mind.
Consider their age
First of all, think about the age of the potential guardian and your child’s age. For example, maybe you have a two-year-old child and you are tempted to choose your own parents as the guardian because they are loving grandparents. However, if they are in their 60s, by the time your child is 18, they will be in their late 70s or 80s. Would they still be able to provide the necessary care?
Think about the financial reality
Next, remember that it’s very expensive to raise children. This is a big responsibility for the guardian to take on from a financial perspective. Make sure that you choose someone who actually has the resources to take this role.
Values and family life
Finally, it can be best to find someone who has shared values and will give your child roughly the type of family life you envisioned for them. Not only does this make you feel comfortable about how your child will be raised, but it can make the transition go more smoothly for the child because they know what to expect.
As you draft your estate plan and select a guardian, carefully consider all of the legal steps you’ll need to take.