Estate planning involves making significant decisions in terms of who will benefit from your savings and assets should you become incapacitated. Perhaps, more importantly than this, your estate plan can also outline contingency plans for your young children.
In your will, you can nominate a legal guardian or guardians to take care of your children should something happen to you. Obviously, this is a huge decision that requires some careful consideration. Outlined below are a few important things to keep in mind.
It doesn’t have to be family
People commonly fall into the trap of nominating family members as guardians because it is convenient. Sometimes, this is also done to appease the family member. What’s important when choosing a guardian is the best interest of the child.
Your biological parents may no longer be physically fit to raise a child. Your other blood relative may have no experience with raising children. While you can, you are not compelled to choose family members.
Lifestyle choices
While nobody will ever be able to love your child as much as you or raise them in the same way, you do want to think about the next best options. How do you want your child to grow up? What sort of people do you want them to be surrounded by? Are there any religious views and values that are especially important to you? These are all things you need to think about when choosing a guardian.
Choosing a guardian can be tough but it is definitely worthwhile. Remember, you are not limited to only one guardian, you can choose multiple if you wish. Seeking legal guidance will give you a better idea of the precise estate planning options that are available to you.