As a parent, few things are likely to be more important to you than the well-being of your children. Generally, this is something that you can oversee until they reach adulthood and beyond.
Unfortunately, unexpected events, such as accidents or illness, can occur and it is vital to prepare for this. Catering for the needs of your children also means including them in your estate plan.
A guardian is someone who will look after your children should something happen to you. Essentially, they will take on the role of a parent, and bring up the children as they see fit. Through your estate plan, you are able to decide on who this person is. This is a big decision, and outlined below are some important points to remember when choosing a guardian.
Delegate tasks to different people
While your guardian will be tasked with looking after your children each day, they do not have to take on everything. Some people are extremely good with children but less capable of making savvy financial decisions. There is no reason why you cannot designate one person to look after your children and another to execute your will or manage your trusts.
It doesn’t have to be a couple
It is still common for people to think in terms of the nuclear family today. Sadly, the reality is that a large proportion of couples simply do not make it. Do you want your child to go through dealing with something happening to you only to head into a divorce situation? While there is nothing wrong with designating a couple as legal guardians, make sure that their roots are strong.
The most crucial part of your estate plan is ensuring that your children are looked after. As you make plans for the future, make sure you take your legal rights into account.