Becoming a parent means accepting responsibility for the health and happiness of another person. Whether parents have babies together or adopt, they need to consider the needs of their children while they are still minors very carefully.
Even parents who have never thought about estate planning before may recognize that they need a will to protect their children should anything happen to them. An estate plan allows the parents an opportunity to provide resources for their children should anything happen to them.
They can also select a guardian who can fill a parental role in the lives of minor children if their parents die while they are still young. It can be very intimidating to try to choose someone to act as guardian for the children in the event of an emergency.
What factors do parents frequently consider when making that important decision?
The age and health of different candidates
When considering different family members and friends for the role of guardian, parents need to consider whether they can fulfill parental responsibilities until a child turns 18. Older individuals who may be in their golden years by the time the children are teenagers may not necessarily be the best candidates. Health challenges as people age can limit their ability to care for children. Health issues in general can be a concern for those with severe or chronic conditions. Healthier, younger candidates are usually the best option.
Living arrangements
Where someone lives and their family circumstances are important considerations. Someone on the other side of the country would either need to relocate to take care of the children or would force the children to move, which can be a secondary trauma after losing their parents. Those who live nearby are often better options because they can preserve the social networks of the children after a tragedy. The marital status of candidates and whether or not they have children can also factor into the decision-making process.
Willingness to accept responsibility
Choosing a guardian candidate without discussing the matter with them can be a dangerous decision. That party could refuse the responsibility of guardianship at a time when the children are vulnerable and in need of support. Parents typically need to talk with the candidates who they think represent their best options to ensure that they are willing to take on that responsibility in the event of a tragedy. Even those who might be perfect candidates could have personal reasons for declining guardianship.
The sooner parents go through the difficult task of evaluating guardianship candidates, the more peace of mind they may derive from estate planning. Adding guardian designations to a will is an important estate planning step for most new parents.
