Parents of a minor child should name a guardian when they do their estate planning. This way, if they become incapacitated or die before the child becomes an adult, the guardian can take over parental responsibilities.
A guardian has the legal authority to make decisions regarding a child’s daily life, education and health. Therefore, parents need to choose a suitable party. Below are four factors to consider when naming a guardian for your minor child.
Willingness to serve
It’s essential to meet with potential guardians first. Doing this allows them to understand the role and assess if they are physically, emotionally and financially prepared for it. Accordingly, you can name someone willing and capable of serving as your child’s guardian.
Shared values
If you wish your child to grow up with certain goals, religious beliefs, educational philosophies and parenting styles, choose someone who shares or understands your values. You should trust that your chosen party will uphold beliefs that are important to you.
Location
The location of a potential guardian can be an important factor. You may want to keep your child in their current school district and near loved ones.
Financial stability
Your chosen guardian may need to cover some expenses, especially before your child’s inheritance is available to them. Thus, it’s vital to consider financial stability when naming a guardian.
Note that one guardian may be responsible for your child’s daily care and finances. There are two types of guardians – one responsible for day-to-day care (guardian of the person) and one responsible for managing your child’s inheritance (guardian of the estate).
Moreover, you can name separate guardians – one of each type – or name one person to assume both responsibilities.
A guardian of a minor child plays a crucial role when parents are unable to take care of the child. Learn more to protect your child’s future.