As a parent, one of the most loving acts you can do for your child is to make sure that you have a plan for them in case something happens to you before they’re grown.
That means getting your estate plan together and choosing someone to nominate as your child’s legal guardian. Here are some important mistakes to avoid as you consider your options:
1. Automatically picking your parents
Your parents are loving and did a good job raising you and your siblings – but they may not be the best guardians for your child. Times change, and your parents are aging. They may not have the physical, mental and emotional capacity to raise a young child (even if they would gladly accept the position).
2. Caving into familial pressure
Your sister feels like she should be the top choice for your child’s guardian because she’s family, but what if you really think that your best friend would do a better job? It’s okay to disregard your family’s wishes and go with your most well-reasoned decision (but do be sure that you put your reasoning in writing to minimize challenges to your will).
3. Not having a backup plan
Once you’ve made your choice for guardian, you need to ask yourself, “What happens if they can’t fulfill the job?” There are all kinds of reasons that could happen – from sudden lifestyle changes to a common accident that claims both you and your preferred guardian. Have at least one other person named as an alternate guardian.
If you’re a new parent – or you just haven’t gotten around to this important step yet – legal guidance can help you get your estate plan in place and protect your child’s future.