Estate Plan 101: Child Guardianship Considerations
Posted on: 22 December 2021
One of the things that a lot of people don't think about when it comes to estate planning is the importance of determining guardianship for their children in the event of their death. Every minor child's parents should include a guardianship order as part of their estate plan, but many have no idea where to start. If you're looking for the best approach to naming guardians for your child, there are several things that you need to think about. Here's a look at some of the things that your estate planning attorney wants you to know.
There Are Two Guardianship Roles
The first thing that you need to think about is the fact that there are technically two guardianship roles for your children, and the right person for one may not be the right person for the other. Don't be afraid to appoint two different people if you feel that it's in your children's best interest.
For example, your children's financial guardians should be those who are responsible with money, reasonable about expenses, and skilled with accounting and investment. That way, you can be confident that your children's inheritance will be used responsibly as needed while they grow up.
You'll also have to appoint a custodial guardian. That's the person, or people, who will raise your child. While you can certainly appoint the same person to both roles if there's someone in your life that fits both, you may want to have your children's finances managed by someone other than the person who is raising them for checks and balances.
It Doesn't Have To Be Family
One of the things that many don't realize is that your child's named guardians don't have to be family members. It's tempting to think of your sibling or a similar relative as the guardian that your child should have, but that doesn't have to be the case. Don't appoint a sibling that you aren't fully comfortable with just because you think that you have to. You can name anyone you wish as your child's guardian, whether it's family or friends. Just make sure that it's someone you can trust to love your child the way that you do.
It Must Be Legally Documented
If you want to be sure that your children are placed in the hands of the person you prefer, those wishes must be legally documented as part of your estate plan. You'll need to work with your estate planning attorney to create the necessary custody documents to ensure that your children go into the custody of the person that you wish in the event of your death.
You Should Discuss It First
Another thing that your estate planning attorney will recommend is that you discuss your intentions first. Make sure that the person you're hoping will raise the children is aware of your wishes. Otherwise, it may come as a surprise to them and they may be unprepared. Further, you may appoint someone who just isn't equipped to raise your children, even if you think they are. For that reason, you need to talk with your intended guardians about your plans before you actually detail them in your estate plan. Only name them as the guardians if they agree to it as well.
Follow Up And Review Your Custody Plans Regularly
One thing many people forget to do once they've detailed their child custody preferences in their estate plan is to evaluate that plan regularly. Once a year, take a look through your custody and guardianship determinations and make sure that they still follow your wishes. Check with those you've named and make sure that they are still willing to serve in that role as well. That way, you can make changes if necessary.
Talk with an estate planning attorney today for more help and information about creating your child's guardianship papers for your estate plan.
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