For many people, the thought of estate planning raises questions about how their assets may be distributed among their beneficiaries after they die. This, however, is only one element of an estate plan for people with minor children.
Determining who will raise a family’s children should both parents die is an important exercise for anyone with minor children.
Multiple factors to consider
Some people automatically assume that their parents or their siblings may step in to take care of their kids should they be unable to for any reason. This may or may not happen and it may or may not be the best situation for the children. As explained by Forbes, parents should evaluate a range of factors before selecting a guardian for their children.
Moms and dads should assess the emotional, financial and physical health and readiness of any potential guardian in determining whether or not they may truly be up for the task. Parents should take an honest look at their own daily lifestyles and values as well as those of a potential guardian to identify the level of match. The bigger the gap between these things, the bigger the level of change their children may experience.
Guardian of estate and person
According to U.S. News and World Report, parents should evaluate options for two types of guardians to help raise their kids. One guardian would provide oversight and management of financial assets used to support the children, called a guardian of the estate. The other guardian, a guardian of the person, would have daily responsibilities for raising the children.