As you accumulate wealth, you know the importance of a will. Once you have children, you have much more to consider.
If you do not name a guardian in your will, the probate court gets to decide who will take legal guardianship. Choosing a guardian not only ensures your child gets raised how you want but also allows you to decide your provisions get used. The toughest part often remains deciding who to name.
1. Present and future needs
If you have young children, they have very different needs now than they will later on. Additionally, adult lives change as well. When choosing the right guardian, you need to consider many factors, including location, health and age. In some instances, you may want to appoint a primary and secondary guardian. That allows further peace of mind that your children get taken care of properly.
2. Desire and ability to serve
While you may have a favorite sibling or close friend you trust more than anyone else, that does not necessarily mean they will make a good guardian. They also may not want to have that important, lifelong role given to them. Before naming names, have a discussion with potential guardians to ensure they want that responsibility.
3. Family obligations
If you know a person or couple who has children and has proven themselves as worthwhile parents, they may seem like the perfect choice. Depending on the age of their children and your own, that situation may not offer the best fit. Transitioning into a new household already full of people may cause added stress to your already distraught children.
Although you hope that you never have to worry about someone else taking care of your children, planning ahead for the worst helps ensure a better outcome for your children.