It can be difficult to drag yourself away from life’s busy moments to start estate planning. But planning for your family’s future is crucial, especially when you’re a parent of young children. While many people think that estate planning is reserved for older couples or individuals, drafting a will as soon as possible can help bring your family financial security and peace of mind.
Choosing a guardian for your child is one step that you should include in the estate planning process. These four factors can help you make this important decision.
1. Morals and beliefs
Laying out your own moral, political and religious beliefs can help you determine how you want your child to be raised. If it’s important that your child grows up learning these beliefs, consider choosing someone who shares the same or similar beliefs.
Not only will this be in line with what you want for your child, but it can make it easier for them to transition to a new household that upholds familiar principles.
2. Financial situation
The person you choose as guardian of your child needs to be able to afford to provide for and raise your child. Ideally, it should be someone with a steady income who knows how to spend and save their money responsibly. You can rest easy knowing that your child’s guardian will be able to consistently provide care and nourishment for your child.
When thinking about your child’s future, you’ll also want to consider your potential guardian’s future. An older guardian might be in a more financially secure position. But they may also have to contend with physical challenges and health problems.
On the other hand, a younger guardian might be more in tune with current parenting trends. However, younger people are often concerned with their career or starting their own family, which can affect someone’s ability or willingness to raise your child.
Where your guardian lives can be a significant factor when deciding if they’re the right choice to take care of your child. If you want your child to remain near their friends, school or other family members, someone who lives close by might be a good option.
However, the best guardian for your child might not live close to you. It can be a lot to ask your guardian to pack their entire life up and move for your child. Consider whether you’re okay with your child moving to a different city or state.
It’s never too early to begin estate planning, especially when your child’s future is at stake. Although it can be an overwhelming process, knowing that you’ve chosen a guardian who is comfortable and willing to take on the responsibility of caring for your child can ease your mind and ensure a secure future for you and your family.