Having children can inspire people to think about the future. Parents are often eager to buy homes to provide stability for their children. They may be more assertive about career development, as they want to provide financial resources for the family.
They may also embrace estate planning for the protection of their children. Minor children can’t live on their own after their parents die. They could end up in foster care unless their parents plan for a possible tragedy.
Choosing a guardian is a key component of estate planning for the protection of children. How can parents select the right guardians?
Focus on personal characteristics
All too often, people make the mistake of simply naming their closest friends or family members as guardians for their children. A close relationship does not necessarily guarantee that another adult can serve as a competent guardian.
Guardians need to be trustworthy and responsible. Typically, they need to be healthy and young enough to fill a quasi-parental role until the children turn 18. They also have to agree to accept that authority. The number of children a candidate has, their career and even where they live can impact their ability to serve as a guardian after a tragedy occurs.
Parents may want to create a short list of potential candidates and then discuss the matter with each of the prospective guardians. They can then designate a primary candidate in their wills, as well as an alternate.
Including appropriate guardian designations in a will is an important move for concerned parents. Drafting or updating estate planning documents can help protect children and give parents peace of mind.