Estate planning discussions often center around money. While a significant part of the process does involve distributing assets and inheritance, there are other factors to consider.
If you have children, then you are going to need to make provisions for their care should something happen to you. Who is going to look after them? What kind of lifestyle do you want them to grow up around? Outlined below are some key factors to consider when choosing a guardian for your children.
Will your aging parents cope?
Your parents did a tremendous job of raising you and your siblings, and they really love their grandchildren. But looking after young children full-time can be physically taxing. If your parents are elderly and have some underlying health conditions, then they may simply not be up to the job physically.
Are there established bonds?
You may subtly want to gain your child’s input on this matter. You don’t have to tell them directly what you are thinking, but in a roundabout way, you can find out who they would like to live with if anything ever happened to you. Perhaps your children have already established strong bonds with relatives or close friends who also have children. This might present some good options for potential guardians.
Can you change your mind?
It’s always possible to update your estate plan. In fact, this is something you should consider doing at regular intervals or when your familial circumstances change. Your guardians can be changed as part of this process too. Whether you are drafting your first estate plan or making modifications, be sure to have legal guidance behind you.