Have you legally selected who will raise and protect your children if you (and your spouse) die? Have you ever even considered the question? Have you even talked about it? If the answer is "no" or "not really" you are not alone. Many of my clients are just like you. It is often at the top of their "to-do-list but the truth is that if a parent does not state in their will who they want as guardian the government (a judge) will make that decision.
Here are some things to consider when selecting a guardian:
1. No one is going to be you. No one else will have your exact parenting, discipline or style. Once you get over this obstacle it is easier to make a good decision.
2. Parents want to make sure that if they were to die, their children will be taken care of. But what if the individuals they choose are not as well off? Can assets be left to the guardian to even things up?
3. Are the potential guardians emotionally and physically up to the job? Do they have the time? Adult siblings and elderly parents may not be the best choice?
4. Will your children have to move or change schools?
5. Do the guardians have the same moral beliefs?
6. Are they financially stable?
Great post, Andrew! Choosing a guardian is one of the most difficult choices parents face when putting together an estate plan.
Posted by: Richard S. Barid | October 28, 2008 at 11:32 AM