Our Weekly Tip: Estate Planning and Naming a Guardian for Your Young Child

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Our Tip of the Week:  The majority of parents of minor children in the United States do not have wills. If you are the parent of a minor child, the idea of choosing an appointed guardian in the event of your premature death can feel incredibly daunting. Some parents are so overwhelmed by the decision that they end up procrastinating indefinitely, or they find themselves arguing with their spouses, unable to agree on a suitable candidate. 

However, one of the most loving things you can do for your child is to ensure that they end up with a loving, responsible guardian should something happen to you. Here are some practical criteria to consider that can help guide you in choosing the right person.

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How-to Suggestion: Important considerations in selecting a guardian are the candidate’s age, health, and mental and emotional stability. You may want to ensure that the candidate is economically independent or can provide a standard of living similar to your own. Additionally, you may wish to choose a candidate who is geographically close to your home, so your child can remain in the community, without being pulled away from their school, social group and extracurricular activities.

Parenting philosophy is also something to consider: Are the candidate’s views on child-rearing consistent with your own? 

Some parents opt to split the financial and nurturing responsibilities between two people.  In that case, you may appoint one person to be responsible for the care and custody of the child and another to manage the child’s financial affairs until they are old enough to do so themselves.