Naming a guardian for any minor children is one of the biggest decisions you will ever make. You hope that this person never has to raise your children, but you also don’t know what the future could bring.
Since this is such a big decision, you don’t want to make any mistakes along the way. Here are five mistakes you must avoid when naming a guardian:
— Sticking with only one guardian. You should have multiple alternatives, as you never know if something could happen to your first choice.
— Naming a couple without noting what should happen in the event of divorce or death.
— Focusing solely on financial resources. You don’t have to focus solely on money when selecting a guardian. There are other details that are just as important, such as the values of the person and how he or she will raise your children.
— Relying on a will. Rather than do this, it is best to create a trust. This can help prevent unnecessary challenges in the event of your death.
— Naming only a long-term guardian. This is important, but you also need to consider who would care for your child in the immediate aftermath of your passing.
When naming a guardian, there are things you should and should not do. By avoiding these mistakes, you can prevent a situation in which your child is not left in the best possible situation. Due to the magnitude of this decision, leave yourself plenty of time so you don’t run into a situation in which you could make a mistake.
Source: SunSentinel, “6 common mistakes to avoid when naming guardians for your children,” Elise Rodriguez, accessed June 09, 2016