If you haven’t done so already, then you’ll want to start thinking about the estate planning process the moment that you find out that you’re having a baby or adopting a child.
One of perhaps the most important decisions you’ll need to make is whom you want to appoint as your child’s guardian. That person will need to step in and care for your child if you become incapacitated or die.
There are a number of factors you’ll want to take into account when deciding who might be the best guardian for your child. Let’s look at a few.
How aligned is your parenting style with your prospective guardian’s?
The person you appoint to this role should support your parenting style and have a belief system similar to yours. You may find it comforting to know that your child will receive a similar upbringing to what you would have provided them.
How financially stable is your prospective guardian?
Raising kids can be expensive. Expenses will only mount as kids participate in extracurricular activities and approach college age. You’ll want to learn more about how vigilant about their finances your prospective guardian currently is and whether they could afford to take on an additional financial responsibility such as raising your kids.
If it’s a couple, is their relationship strong?
Parents must have a solid relationship to stick together despite the curveballs that life throws them. Introducing your kids into the mix is sure to take some getting used to. If you choose a couple to be your child’s guardians, you’ll want to ensure that they can handle it.
An attorney can go into more detail about what the role of guardian entails so that you and your chosen guardian can be sure they’re up to the task.