One of the most challenging components of estate planning for parents of young children is naming a guardian. No one wants to think about their kids growing up in a world without them, but if you do not create a plan, your children may end up at the mercy of the court system. You deserve to choose where your children end up in the unfortunate event that something happens to you.
The U.S. News explains how to choose a guardian who manages your children’s inheritances and cares for their essential needs.
Do you need more than one guardian?
There are two types of guardians most parents look for. The first guardian is the person who takes care of your children and ensures they grow up safe, happy and healthy. The second guardian monitors the estate. The person may manage the children’s inheritances. Sometimes, the person’s guardian and the estate are the same people. However, depending on the abilities or skills of the people you choose, you may want to have more than one.
What do you look for in a guardian?
When looking for a guardian of the estate, you need someone who has financial skills and can manage money. You may want to choose someone who knows about investing and other financial concepts. The guardian of the estate should be someone who does not give in easily. For example, the guardian should be able to tell your children no if they want to waste money.
Your child’s legal guardian needs to be someone who shares your values and has the time and energy to devote to children. Often, children already have a close relationship with their chosen guardians.