Guardianships are sometimes used for elderly individuals who become incapacitated. They may not be able to make decisions on their own due to injuries or mental decline.
But for someone who is creating an estate plan, they may also want to consider setting up a minor guardianship. This just means that they are choosing a guardian to take care of their minor child if they pass away before that child turns 18. What should you consider while choosing a guardian?
1. Health and age
To start with, just think about their age and general health. Say that you pass away when your child is five years old. The guardian would need to take care of them for the next 13 years. Choosing an elderly grandparent may feel right when the child is young, but may not make sense for the long term.
2. Willingness to take on the obligation
Next, make sure that you’re very clear with this person about the obligation they would be taking on. Have conversations about it and be sure that they’re willing. After all, it can be very expensive to raise a child, and someone who already has children may find it overwhelming to add another child to their family.
3. Values and parenting styles
Finally, once you have identified some potential candidates, consider their parenting styles and shared values. It can be helpful for your child if the guardian has a similar parenting style to yours because the change is less jarring. You also know that the child will be brought up in a way that you approve of.
Once you have figured out who you want to choose to be the guardian of your child, then it’s time to look into your legal options to add these provisions to your estate plan.