If you have children and are starting to work on your estate plan, now may be a good time to look into establishing a guardianship. Guardianship for minors is there to guarantee that they will have someone to look after them in an emergency. Whether you are injured and hospitalized or pass away, a guardianship allows someone of your choosing to take over the role of a caretaker for your children.
Designating a guardian for any minor children you have is a good idea because that person will know that they are meant to be there if you can’t care for your children. Talk to them, and make sure they’re comfortable taking on that role. Remember that they will be able to make decisions for your children (and control your children’s finances, if you set things up that way).
How do you select a great guardian for your children?
This is a deeply personal decision and one you cannot make lightly.
For most people, selecting a guardian for their minor children comes down to finding someone in their family who is willing to take on that role. However, you are not limited to family members alone. If you have a good friend who would be happy to take over guardianship of your children if something happens to you, then that person may be a perfect fit.
Ideally, you should select someone who shares your values and goals and will respect your wishes for your children’s future.
What steps should you take to establish a guardian for your children?
Every person’s situation is different, but if you’re looking to establish a guardianship, you should be considering factors like the adult’s finances, experience with children and desire to take on the role. Our website has more on how to establish a guardianship and why it’s so important to do so.