If you passed away today, who would take care of your child? You may say that your spouse would do so, but what if neither one of you were there to provide this care and upbringing yourselves? Who would step into that role?
This can be a concerning question for parents to ask, but there is a solution. They can use an estate plan to create a guardianship for their child. If they pass away, then the child goes into the care of the guardian.
As such, it’s very important to pick the right person. Here are some signs that you may have selected the wrong guardian.
You didn’t talk to them in advance
First of all, you must be sure that the guardian will accept the role. Not everyone wants to have children. Not everyone wants to raise someone else’s children, even if they love them. You must have this conversation first.
They don’t have the financial means
In some cases, you may be tempted to pick a guardian who really loves your children, like one of your younger siblings. But do they have the financial means to suddenly become a parent? Or maybe they already are a parent, with children of their own. Can they take on the financial responsibility of adding your child into the mix?
It will be difficult to provide long-term care
Finally, consider the person’s age, along with their mental and physical health. A grandparent may be more than willing to be a guardian, and they may love your child, but can they realistically raise that child for almost 2 more decades?
These are just a few things to consider as you get your estate plan in place. Once you’ve selected the correct guardian, look into the legal steps you’ll need to take.