Estate planning often serves to alleviate some of our most rarely spoken about fears. If you are a parent with a young child, you have probably worried about what would happen to your child if you should die. Creating an estate plan and naming a guardian lets you sleep knowing that the right person will be there to take over caring for your child. Here are several tips you can use when making your selection.
Consider the Relationships
A good guardian is one who can provide a stable household, loving home environment, and who can give your child the guidance and support he or she needs. This loving relationship can exist in a wide range of environments, and should be the basis for your choice. If, for example, you have a cousin who you believe would be a better guardian then a parent or sibling, you shouldn’t rule that person out because of the more distant relationship.
Values and Education
The guardian should also be able to teach and raise your child in the manner suitable to preserving the values and ideals you believe in. While it isn’t necessary for you and the guardian to agree on every political, ethical, social, philosophical, or religious point, what is important is that you can look at the guardian and feel secure in the knowledge that he or she will raise your child to be the kind of person you can be proud of.
- Donor Advised Funds: Too Good to Be True? - September 15, 2021
- Changing “Irrevocable” Trusts Through Judicial and Nonjudicial Modification - September 8, 2021
- Reasons to Supplement Your Estate Plan With Life Insurance - September 7, 2021