Peace of Mind for Parents with Young Children
I often hear from clients that one of the hardest parts of finalizing their estate plan is choosing a guardian for their young children, should something happen to both parents. I can relate! It is not a decision to take lightly.
A guardian is the person or people that would take over caring for your minor child in the unlikely event something were to happen to you and the child’s other parent. While this is an unsettling thought, the best thing any parent can do is to put a thought-out plan in place and have it in writing within your Will.
If you’re struggling to make a decision on a guardian, start by writing down any options you can think of. Options to consider may include your: adult siblings, aunts and uncles, parents, or close friends. Start by answering several questions. 1) How old are your children? If they are still very young, you’ll want a guardian who will be able to care for them for years to come. 2) Do any of your options live nearby? This is helpful as they are likely already close with your children and could raise them in the same geographic location. 3) Do any of your options share similar morals and values as you? 4) Do any of your options already have kids? Or do you know if any do not want kids? 5) Would taking on your children be doable - given their circumstances - or more than they can handle?
Once you’ve answered these questions, you may have a clearer idea of who you want to ask to be your children’s guardian. If you are still struggling, remember to always keep your children’s best interest in mind over everything else. It can be hard to make a decision between two qualified guardians such as two siblings who you don’t want to upset. Ultimately, however, if you’re basing your decision on the above factors and what is best for your children, you will likely lean one way or the other.
Keep in mind that you will want to name an alternate, in case your first choice is unwilling or unable to fulfill the guardian role. It’s also nice to remember that you can always change your mind should any circumstances change, or you just have a change of heart. And one final thing you can add to your estate plan to explain your decision is a Letter of Intent. I usually draft these letters for my clients along with their estate plant to explain anything they want to their beneficiaries or other named people, give further wishes or intentions outside of their Will or Trust, or just leave a personal note. Always consult an attorney to help make sure the important decision of naming a guardian for minors is documented or changed correctly in your estate plan. Having this in place is a huge relief for parents with young children and should be on everyone’s short to-do list for their peace of mind.