What you need to know about guardianship in your estate plan

Choosing a guardian for your minor children could be one of the most crucial decisions when creating your estate plan. This person will be responsible for your children’s care and upbringing if you and your spouse can no longer do so.

Below are factors you may consider when nominating a guardian and the qualities of a good guardian.

Key considerations when choosing a guardian

When choosing a guardian for your minor children, consider the following:

Values and parenting style

You may want to select someone whose values and parenting approach align with yours. This could ensure they will raise your children in an environment similar to what you would provide.

Financial stability

While not the only factor, choosing someone who can manage the financial responsibilities of raising children may be important.

Age and health

You may also want to consider the guardian’s age and health status. Ideally, they should be physically and mentally capable of caring for your children until they reach adulthood.

Location

Think about whether you want your children to remain in their current environment or if you are open to them relocating.

Willingness to serve

It may be best always to discuss your decision with the potential guardian. This could ensure they are willing and able to take on this responsibility.

Qualities of an ideal guardian

A good guardian must possess key attributes. Ideally, these could include:

Being loving and nurturing

Ideally, they must provide a warm, supportive environment for your children.

Being responsible and dependable

You may want to look for someone who demonstrates good judgment and can be depended upon.

Patience and understanding

Raising children requires a great deal of patience, especially when dealing with the emotional impact of losing parents.

Choosing a guardian for your minor children is a crucial aspect of your estate plan. You may want to review and update your decision periodically as circumstances change. You may also want to name an alternate guardian in case your first choice cannot fulfill the role.

Consider seeking legal advice. An attorney could help you decide about guardianship in your estate plan.