When it comes to your estate plan, one of the most difficult conversations to have is the one involving your minor children. Setting up a guardian for children is one of the most critical details and while you may not want to imagine a world where your children grow up without you, you need to be prepared just in case.
According to the U.S. News, you do not want to put the process in the court’s hands. The following tips may help you choose an appropriate guardian.
Consider financial health
Financial health does impact a person’s ability to raise children. You want someone who has good money-management skills, especially if you leave your children an inheritance. You do not want a person who easily gives in to children’s demands when it comes to money.
Consider values
You have certain values that you want to instill in your children and a way that you hope to raise them. If something happens to you, you want your guardian to continue raising your children how you would. Make sure that they value the personal relationship with your children and care for them how you want.
Consider multiple options
You should have backup options in case someone cannot take on the responsibility. For example, you may choose a close family friend because she has no children and a strong financial background. However, years later, she may have multiple children and feel too burdened to take on another child. Keep in mind that people’s lives change and you may want to have backups ready, just in case.
Always let your potential guardians know you considered them so that they can agree or disagree with your plans.
