Selecting a Guardian for Your Minor Children
Parents often focus on the values, morals, and judgments of someone when evaluating whether they should select them as a guardian for their minor children. However, parents commonly neglect the financial impact a child will have on a guardian. Thus, though the right morals, values, and judgments are necessary to be a successful guardian, there are a few other important characteristics to consider when choosing a potential caregiver for your minor children.
Can the Guardian Manage your Children’s Assets
Raising children is a daunting task in and of itself. In addition to instilling strong values in your child, it is critical to make sure that you are selecting a guardian who can also manage any assets that pass onto your children. If you prefer, you may select separate guardians, one who can raise your children and another guardian who will manage your children’s assets. This works to ensure that your children and their assets receive the best care from two or more equally experienced entities.
Is the Guardian you Chose Financially Strong
Often parents select guardians for their children without consideration as to whether this person is financially capable of handling another child. As we all know there are a lot of hidden costs in raising children. Thus, having a discussion with your prospective guardian can ensure that your decision doesn’t create an insurmountable financial burden for someone.
Does the Guardian have a Home that can Accommodate your Children
Imagine your prospective guardian lives in an apartment or a three-bedroom house with two children of their own. In either scenario, you should talk about how this guardian will properly accommodate your children. While the guardian may be able to use some of the assets you left your own children to make these accommodations, you should talk with the potential guardian to see if the living situation they can give your children is up to your standards.
Will your Guardian be able to Determine your Children’s Living Costs
There is no right answer to this question as the cost of raising another child will depend on different factors that may not show up for a few years. However, the exercise of attempting to answer the question can prove helpful for parents selecting a guardian for their minor children.
With any of the questions posed above, reaching out to the potential guardian can help you clarify any questions, concerns, or wishes you would like to emphasize. Additionally, you can even work with the guardian to create a plan that suits your wishes and your child’s needs if something were to happen to you.