Much of the estate planning process revolves around property and finances. A will dictates who will benefit from your hard-earned savings and assets upon your incapacitation.
However, there is much more to the process than money. For instance, you can give written instructions on who should make healthcare decisions for you if you are unable to. You can also nominate legal guardians who will look after your children should you pass away.
Obviously, picking someone to care for your children is a huge decision. Outlined below are some of the key things you should consider before nominating a guardian.
Do they have experience looking after children?
Having children is extremely rewarding but it is certainly not easy to raise a child. It costs a lot of money and there are challenges that will arise. Has your prospective guardian dealt with bringing up a child before? Are they going to stand by your child should the going get tough?
Are they physically capable of the job?
Your parents raised you, so who better to choose as a guardian for your children? Your parents may have the experience, finances and desire to bring up your children, but are they physically able? Raising a child is physically demanding. Despite having the best of intentions, if your parents are elderly, they may not be up to the task in a physical sense.
Do you share the same value system?
If you’re looking at your parents or close family members, then you may need to think about the religious, moral and ethical principles you want your child to be raised with. How important is a religion to you? Is it not important at all? Do you believe in a fairly strict upbringing or do you believe in a looser approach to parenting? You want to pick a guardian that feels the same.
Choosing a guardian is one of the most important decisions you’ll ever make. Remember, you are not limited to one guardian, you can choose backups. Seeking legal guidance will help you to learn more about the options available to you.