When you have minor children, planning for the unexpected protects them from uncertainty in the event of a disaster. Designating a guardian is part of that planning process. Many people create their estate plans and overlook the importance of guardianship for their children. This leaves children vulnerable to foster case and state placement services.
Understanding the key considerations for guardianship selection makes the process easier and ensures a seamless transition for your children.
Similar belief systems
Appointing a guardian with radically different beliefs could create an uncomfortable situation for your child as they navigate their grief and struggle with unfamiliar beliefs and expectations. Choose a guardian who shares the same values and beliefs that you raise your children with to ensure a compatible environment.
Health and capacity
Another important factor is the guardian’s health and capacity for raising a child. Particularly when your children are very young, you need a guardian close to your age when possible to reduce the risk of challenges with aging while raising your children. Choose someone in good health to minimize the chances of further complications as well.
Financial responsibility
Estimates indicate that raising a child costs nearly $300,000 over their lifetime without factoring in the cost of advanced education. Not only should you establish a fund to offset those costs for the appointed guardian, but you should also select someone with the financial responsibility to manage that money properly and meet your child’s needs.
Choosing a guardian for your children requires careful consideration. These are important factors to consider before you talk with anyone in your life about serving in this vital role.