Points to Consider When Deciding on a Guardian for Your Children
For parents with minor children, the most important reason for estate planning is to ensure that provisions have been made for their children. While it can seem overwhelming to deal with all the issues involved, consider what would happen if you and your spouse died without a will, with no provisions for a guardian, and without adequate money to help raise your children, making them dependent on the goodwill of relatives. One of your most important parental responsibilities is to make sure this does not happen. Some items to consider include:
• Carefully select a guardian. While your first inclination may be to select your parents, make sure they will have the energy to raise your children. A better alternative may be a sibling or friend. If you have several children, decide whether it is reasonable to expect one person to raise them all. You may want to name more than one guardian, but make sure the guardians will work together to keep the children as close as possible. If the person lives in another city or state, consider whether you want to uproot your children while they are going through the trauma of their parent’s death.
• Talk to your selected guardian. Once you have settled on a guardian, discuss your decision with that person to make sure he/she is willing to take on the responsibility. Name a contingent guardian in case your first choice is unable to serve.
• Make adequate financial arrangements. You would not want your children to be a financial burden, or their presence may be resented. Determine how much is needed for living expenses, hobbies, medical expenses, and college. Consider other items as well. For instance, will your guardian’s home comfortably accommodate your children, or should you leave funds for an addition to the home? Include a financial cushion so there is plenty of money until your children reach adulthood.
• Decide who should manage your children’s finances. The person with physical custody of your children may not be the best person to handle their finances. Thus, you may want to select another individual for that role. You should also consider whether trusts need to be set up and how money should be distributed when your children reach adulthood.
• Express your wishes to your selected guardian. This will help ensure your children are raised according to your beliefs. Make sure to indicate your preferences for education, religion, lifestyle, and other factors.
• Review your choice of guardian every year. As your children grow, you may realize that the person you originally selected as guardian is no longer the right choice.
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