The thought of not being around to raise your children feels crushing and too awful to consider. But if you don’t name a guardian for your children and you pass away or become incapacitated while they are minors, a judge who doesn’t know you, your children or your family will decide who raises them. Families tend to fight over children, especially if there’s money involved. And what if you have family that you don’t want raising your children?
Consider these factors when choosing candidates for guardians and back up guardians:
WARNING: Don’t spring this job on anyone without talking to them first. Ask your top candidates if they would be willing to serve, and name at least one back up in case the first choice becomes unable to serve.
Raising your child should not be a financial burden for the guardian, and a candidate’s lack of finances should not be the deciding factor. You will need to provide enough money (from assets and/or life insurance) to provide for your child. Some parents also earmark funds to help the guardian buy a larger car or add onto their existing home, so there’s plenty of room for extra children.
Consider these factors when choosing who will handle the money:
No one will ever be able to replace you perfectly. You may have to make compromises in some areas. Choose the person who you think would do the best job. Know that you can change your mind and select a different guardian anytime you’d like.
Let’s Continue this Conversation. Call us at (813) 686-7175. We are here to guide you through this process and legally document your wishes.