One
of the most important reasons for estate planning is to ensure proper
provisions are made for your children. If
you have minor children, deal with all the issues involved can seem
overwhelming but the alternative is to risk making no provisions.
When selecting a guardian, consider:
When selecting a guardian, consider:
· Would
your parents really have the energy to raise more children?
· Can you select a sibling or friend?
· Can you select a sibling or friend?
· Will
the guardian be able to raise your child like one of their own?
· Can
one person raise all of your children?
· Do
you want to name more than one guardian?
· Does
your choice live far away and would a traumatized child be further uprooted?
· Are
you comfortable with the guardian's parental style and moral beliefs?
· Have
you talked to your selected guardian?
Once
you've settled on a guardian, discuss your decision with that person to make
sure he or she is willing to take on the responsibility. You may, name a
contingent guardian in case your first choice is unable to serve. Then - consider money:
· Are there adequate financial arrangements so that the child's presence
will not be resented?
· Should
the person who has physical custody also handle their finances?
You may name
two guardians, one for physical custody and one to handle their finances. Also, you can decide if trusts should be set up and how money should be distributed
when your children reach adulthood. Finally,
just because you've previously selected a guardian doesn't mean that person is still the
best choice. As your children grow, review your guardian choice every couple of
years.