Estate planning is often associated with distributing wealth after a person’s death. While this is a key part of the process, there are numerous other aspects. One thing that you can do as a parent is to nominate a guardian for your young children.
This is an important decision that involves careful consideration. Outlined below are a few things to keep in mind.
You are not limited to a single choice
Life can change quickly and your estate plan needs to account for this. You may have the perfect person in mind to care for your kids, but there is nothing that says you can’t have a backup plan. This way, if something happens with your first-choice guardian, your children will continue to be cared for by a suitable family.
You may have traditional religious values and these are the principles that you want your children to be raised with. This is something worth thinking about when you are nominating a guardian. Will your children be raised with similar values that your family has had through the years? Would you be comfortable if they were brought up in a non-religious household?
Excluding unsuitable individuals
While you can give clear instructions about who should care for your kids, you can also specifically exclude parties you believe to be unsuitable. Without a will, certain family members may have automatic custody rights. An express provision in your will can help ensure that your children are cared for by the appropriate people.
Protecting your children is arguably the most important part of estate planning. When taking these steps, make sure you seek some legal guidance so that everything goes as anticipated.