According to CNBC, only about 33 percent of Americans have put together a will, which is typically one of the first steps in starting your estate plan. When you create a will as part of the estate planning process, this may involve naming a legal guardian for your children. The person you select will step in and take care of your minor children if something ever happens to you.
If you do not designate a legal guardian, who takes over guardianship of your dependents after your death could become a decision left to the court system. Taking time to choose a guardian for your children when you create your will can provide peace of mind and confidence about the future.
Identify your priorities
The first part of choosing a guardian involves figuring out your priorities for your children’s care. Consider their needs, values and the lifestyle you would like them to maintain. Think about factors such as education, religion and personal values that you would want the guardian to uphold.
Assess potential candidates
Next, create a list of people who could assume the role of guardian. These candidates could be family members, close friends or individuals who share your values and are willing to take on the responsibility of guardianship. Consider each person’s stability, maturity and ability to provide a safe and nurturing home life.
Account for practical factors
Practicality plays a role in who you choose as your children’s legal guardian. Consider the potential guardian’s location, living situation and financial stability. It is important that the guardian can provide an environment to meet your children’s needs without disruption.
Remember that circumstances can change over time, so you should regularly review and update your choice of legal guardian. As your children grow and family dynamics shift, you may find it necessary to make adjustments to your initial decision.
