You love your children more than anything in the world, and you want a failsafe financial plan for them in case you aren’t around. You need someone who is willing to step into your shoes and take care of your loved ones; they should also be completely trustworthy and dedicated to the children’s wellbeing. So, who do you trust with such a mammoth responsibility? Should you pick one of your family members or friends? What are the qualities that you should look for in a guardian or caregiver?
Amongst other things, estate planning means writing your Last Will and Testament to decide what happens to your assets when you die. Some people take it one step further by naming a guardian for their children in their will as well. You may already know who you want to entrust with your little ones; in which case, an estate plan is only an official formality. But if you don’t know who to pick and what characteristics you should look for, consider our advice!
What is a Guardian?
In estate planning, a legal guardian is assigned by law to be the primary caregiver for minor child/children in the event of the parents’ death or incapacitation. Parents can name the guardian responsible for everything that concerns the minors until help is no longer needed: when the child turns 18. They will provide and care for the child or children and make decisions in their best interests. If you don’t choose a guardian, the court will appoint one for you when the need arises.
Who Can It Be?
Guardians can be family, such as grandparents, aunts and uncles, or they can be family friends. You can even name couples you know or multiple people in your family as guardians. All you have to do is get in touch with an estate planning lawyer to figure out the fine details.
Ideal Qualities and Responsibilities
In terms of responsibility, think everything a minor child would need. A guardian is responsible for their housing, their upkeep and schooling, their clothing and food, and their other financial needs. Emotional needs come with the package, but there is no legal guarantee for that. You are the one person who can ensure your child gets to have a genuine caregiver after you’re gone. So choose someone you can trust with the most precious thing you have; because that’s what you will be doing.
Ideally, a guardian should be someone who has plenty of financial backing. This means that even if Uncle Tom loves the children very much, he won’t be an ideal candidate if he doesn’t have a job that can provide well for them. In case you’re sure to be leaving ample estate for the children’s upkeep, find out how the potential guardian manages their own money.
Another quality to look for is a sense of responsibility and a good relationship with the kids. If they often leave the stove on or lock their keys in the car, they might not be great at taking care of your kids. Plus, their personality and ability to get along with your youngster also matters. If your children aren’t comfortable around them, it is enough reason to disqualify them from the potential candidates list.
Before picking anyone, just be sure to run their details by your estate planning lawyer; he/she will tell you the potential implications and hidden repercussions of your decisions.
How to Pick a Guardian for Your Children
Ideally, you should pick a guardian for your child as soon as they are born or adopted. Get an estate planning attorney to acknowledge their birth on paper, appoint a legal guardian, and change your list of beneficiaries. If you didn’t do it earlier, now is the right time. But before going ahead with the estate planning, consider going through the following tips.
Creating a Checklist
Make a list of all the qualities we mention in this article and come up with some of your own. Once you are sure that the list is complete, use it as a yardstick against which every candidate can be measured. If they satisfy all the criteria for guardianship, take it as a sign that you’re heading in the right direction.
Short-listing Candidates
Now is the time to list down names. Go from your side of the family to partner’s and note all potential names. Any family or friend that comes to your mind should be on this list—you can always edit it later. When you’re done, get the checklist and decide which person fits the bill best. Parents always have strong instincts about their kids, so if something doesn’t ‘feel’ right, trust your gut.
Avoiding Conflict
When your family or friends’ circle is substantial, there may be multiple hopeful guardians interested in becoming your children’s caretakers. We understand that you wouldn’t want to disappoint them, but conflict could arise. Before finalizing the decision, make sure everyone is in the loop. If you feel someone would get upset, you can always name multiple guardians in your will through your estate plan.
Speaking with the Guardian
Before you finalize anything, don’t forget to speak to the guardian about their willingness and readiness to adapt to the role in case the need comes up. It shouldn’t be sprung on them as a surprise but discussed with them thoroughly so they know what their duties are.