What to consider when choosing a guardian for a minor

Individuals who have young children will ideally choose a guardian for their kids as part of their estate plan. Failing to do so likely means that the courts decide who will raise the children and manage any assets that they received. Furthermore, the confusion caused by not naming a guardian could lead to strained relationships between family members and make it harder for the children to adjust to their new situation.

It is possible for parents to choose a guardian to raise the children and a guardian to manage their assets. In lieu of a guardian of the estate, a trust can be created that will hold money and other items for the kids. It will be managed by a person chosen by the child's parents, and the trustee will act in accordance with whatever instructions are included in the document. The person who is chosen to manage a child's money should be financially literate and someone who is able to stand up to the child.

It is often a good idea to name more than one guardian. This is because life events may make it impossible for the first choice to fulfill this role adequately. A guardian designation is typically made as part of the will, and it must be noted by at least two witnesses to make it official.

One of the best reasons why parents should use wills as part of an estate plan is the ability to name guardians for minor children. This may help a child receive quality care from a trusted friend or relative in the event that both parents pass away. It may also ensure that a son or daughter has the financial resources needed to go to school or otherwise build a life for him or herself as he or she gets older.

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