There are many different reasons that people establish estate plans. Becoming a parent is a common incentive to think about what happens if someone dies prematurely. Parents want to ensure that their children have support should anything happen to them.
Achieving that goal requires not just financial planning but also the decision to appoint a guardian. Naming a guardian to support the children until they become adults and manage their resources can help protect them when they are vulnerable due to the loss of a parent. However, many people find the process of selecting a guardian relatively intimidating.
How can people choose the right person to take over their parental role?
Start with a comprehensive list
Instead of immediately trying to select one person, it is often a better approach to identify every viable candidate. Factors including age, health and where the individual lives can all influence whether or not they might be an appropriate guardian candidate. Those who are nearby, young enough to manage the responsibility until the children become adults and healthy enough to care for children are ideal candidates. Those who already have a positive relationship with the children and who have demonstrated personal responsibility are often viable options.
Create a pros and cons list for each candidate
After creating a large list that might include a dozen or more candidates, parents can start narrowing down their options. To do that, they need to consider each individual at length. Creating a written list of positive qualifications and potential concerns can help people set aside their emotions and focus on who might be the best choice from a practical perspective. After establishing a list of positive attributes and drawbacks for each candidate, parents can then compare the candidates and arrive at a short list of viable options.
Talk to the potential guardians
One of the worst mistakes a parent could make is to name a guardian without actually obtaining their consent to take on that role. Even those who seem perfect on paper may have issues they have not disclosed to the public. From health concerns to financial woes, there may be factors that may prevent them from serving as a guardian. Parents who talk to the people they think could act as guardians for their children can then select a main candidate and an alternate to include in their will. Doing so helps ensure their children have protection, regardless of what the future holds.
Giving careful consideration to important estate planning matters can help parents establish documents that protect their children and give them peace of mind. Wills that name guardians protect children in the event of a family tragedy.