Planning for your child’s future is one of your most important jobs as a parent. It is essential to help your child grow, thrive, and reach his or her full potential. Estate Planning for parents of young children includes not only what you can do for your child during your life, but also what you can do after you pass away. An estate plan can help ensure stability for your child if you were to die before he or she is an adult. Choosing the right guardian for your child is just as important as ensuring financial stability. There are several factors you should keep in mind when trying to name the right guardian for your child.
First, think about the type of values you hold dear and the type of lifestyle you lead. You should consider a guardian who has similar values and lifestyle habits, as this will make it more probable that your child will be raised in a similar household. Such consistency will also help your child in the certainly difficult time of transitioning to a new house because you are no longer there to care for him or her.
Next, consider whether your chosen guardian has the mental and physical health to care for your child until he or she reaches adulthood. You may be very close to your parents, but if they are advanced in age with poor health, they are probably not a good choice to be guardians of a newborn. Similarly, if your best friend already has five young children in her household, carefully consider whether she has the time and space to care for your children as well.
Third, keep in mind that you are under no obligation to name a particular person as guardian to your child. You are not required to name your siblings or your parents, even though they may be your closest relatives. You are free to select any adult you choose to serve as guardian, as long as that adult is fit to parent and is willing to take up the responsibility.
Finally, think about whether your chosen guardian is willing and able to help your children maintain their other family ties. Taking their physical location into account is also important with this factor, as choosing a guardian who lives physically very far from your family could mean that the children will have a difficult time maintaining contact and bonds with your siblings, parents, or other family members.
Choosing the right guardian for your child is a very important decision. Call us today to talk about your estate plan, your child, and what we can do to help you. Our Los Aneles California attorneys offer free consultations for estate planning matters.
