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Does your estate plan include a guardian for your children?

On Behalf of | Jul 15, 2020 | Estate Planning

Have you ever wondered how long it will be until you have done your job as a parent and can proudly send your children out into the world? Have you thought about how it will be when they grow up, what they will be like, and whether you will become a grandparent?

You cannot just dream about a rose-tinted future. You also need to consider what would happen if you die in the next few years. How would it be for your kids then? Who would look after them, who would prepare them for the world ahead?

Hopefully, this will never happen, and you and your partner will live long and be there for your children. Yet, planing guardianship for your kids is probably the most crucial part of your estate plan.

If you die, the other parent will usually get custody and vice-versa. It’s what happens if you both die that you need to decide. Consider who can bring up your children the way you want, who the kids will be happy with and who can afford to raise them.

You may find it easier to split responsibilities. Maybe your little sister, who can’t have kids of her own, would cherish the opportunity to raise yours. The only problem is, she is terrible with money. Perhaps you appoint your elder sister to take charge of the finances.

While it is essential to choose a guardian for your children as soon as possible, it is not a decision to rush. You and your partner need to discuss it carefully, between yourselves and with the chosen person. Once they agree to this responsibility seek legal help to document it correctly.