Assets and finances take up a lot of focus when it comes to estate planning. While distributing assets among beneficiaries is a large part of the process, there is much more to estate planning.
If you have young children, then your will can provide instructions for how they should be looked after if something happens to you. Most importantly, a will can outline who takes on this task- the guardian.
Nominating a guardian is a huge decision and there are several factors to consider. Outlined below are a few things to keep in mind.
Are they financially stable?
Raising a child costs a lot of money. While you plan to leave your child an inheritance, this won’t cover everything. The guardian you nominate is going to need to help make sure that your child gets everything they need. This requires financial stability and responsibility.
That’s not to say that money is everything and your guardian doesn’t need to be rich. Being savvy with finances is certainly an important trait for any parent though.
Major belief systems
No two individuals are the same. However, some communities have unique outlooks on life and very rigid traditions. If you were brought up in a certain culture and wish the same for your child, it’s important to consider this when choosing a guardian.
Does your chosen guardian have similar tenets and foundational principles? Is your child going to receive a similar upbringing in terms of religion and other belief systems?
Choosing a guardian is one of the most important decisions you’ll ever make. Having legal guidance behind you can help to make this choice much clearer.
