Tips for Choosing a Guardian for Minor Children in Your Estate Plans

There is a misconception that estate planning is not a concern for people in their 20s, 30s, and 40s. Many falsely assume that younger people do not need to worry about establishing a will, trust, advanced directive, or other estate planning documents until they reach retirement age. The reality is that it is never too soon to start building your estate plan. This is especially true of parents. If you are a parent with minor children, estate planning allows you to choose a guardian for your children if you die or are incapacitated.

Sadly, unexpected accidents, injuries, and illnesses happen to millions of people every day. If something happened to you and your child’s other parent which left you unable to care for your children, who would you want to fulfill that responsibility?  

Consider Your Wishes and the Potential Guardian’s Abilities

A crucial part of your last will and testament is choosing a guardian for minor children. A “guardian of the estate” manages financial decisions, and a “guardian of the person” has physical custody of the children and provides for their everyday needs. You may decide to choose a different person to fulfill each of these roles, or the same person may act as both guardian of the estate and guardian of the person.

When choosing a guardian of the person, consider the potential guardian’s:

• Age
• Living situation
• Mental and physical health
• Values, morals, and religious beliefs and whether these match your own values and beliefs
• Parenting style and parenting skills
• Discipline practices
• Ability to give your child the love and attention he or she needs

If you intend for the same person to act as guardian of the estate for your child, you will also need to consider the person’s ability to manage finances responsibly.

Recognize That Your Decision May Change Over Time

Estate planning is not something that you do once and then forget about it. Your estate plans will change over time just as your family member’s lives change. Guardianship of minor children is not an exception. The person you initially choose as your child’s guardian may become disabled, embark on a career that requires frequent travel, or experience other life changes that make him or her an unsuitable candidate. This is one reason that many people choose one or more backup guardians to raise their children if the first choice cannot fulfill the role.

Call Us for Help Setting Up Guardianship of Minor Children

If you are a parent, a key aspect of estate planning is establishing who would be your children’s guardian if you pass away or are incapacitated.  If you do not choose someone to fulfil this role and something does happen to you and your child’s other parent, the court may choose a guardian that you would have never chosen yourself. For help with all of your estate planning needs, contact the skilled Naperville estate planning lawyers at the Gierach Law Firm. Call 630-228-9413 for a confidential consultation today.

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Source:

The New York Times