Who should raise your children if for some reason you or your spouse is unable to do so? It's not an easy question to answer, but if you have young children, it is a topic you most certainly should address in your estate plan. Otherwise, a court will decide, and their decision will probably not be the same as the one you would have made, and may not even be in the best interests of your children.
Since October is Estate Planning Awareness Month, it's a good time to give some thought to how you can protect those that need it most – your children. Some of the most important issues to consider when choosing a guardian include:
- Does the prospective guardian have a genuine interest in your children's well-being?
- Does the prospective guardian share your values?
- Can he or she handle the role physically and emotionally? What about financially, if you cannot provide him or her with enough assets to raise your children?
- Does the prospective guardian already have children of his or her own? Will he or she be able to make enough time to adequately care for and look after your children?
- Where does the prospective guardian live? Would that be a good fit for your children? Would having to move far away make an already stressful situation for your children even more so?
- Is it essential that all your children share the same guardian? Most parents say yes, but in some circumstances, such as when your children are of significantly different ages, naming more than one guardian is an option.
- Should you choose one person to act as personal guardian and another to manage the financial arrangements for your children—that is, name a second person to act as Custodian or Trustee? In certain situations, such as when the best surrogate parent for your children is not necessarily the best person to handle financial matters, this option is worth considering.
- Perhaps most important of all, have you spoken to the prospective guardian about taking on such a responsibility, and does he or she seem readily willing to do so?
We have helped many couples select the ideal guardian for their children and designed wills or other planning documents to ensure their wishes are carried out. We welcome the opportunity to do the same for you. Reach out to the GLO team to schedule your complimentary consultation at 260.969-1177.