If you’re a parent who’s making an estate plan, you may be more interested in what happens to your children than what happens to your assets. Certainly, part of your planning is going to be deciding how your assets would be saved for your kids, but minor children need a lot more than just their parents’ money and possessions.
One of the biggest things you’re going to do is pick a guardian for your children. If something happens to you, then you know that you have someone who’s willing to step in and take on that parental role. You know that your children’s future isn’t just up in the air. Who should you choose?
You want to look for someone that is a similar age
Age does matter, considering the fact that your children may be minors for many years after you pass away. This is why it’s often not preferable to pick your parents, even though they may feel like the first choice. They do love the children, but their age may make it hard for them to raise your kids all the way through to adulthood.
Find someone with similar values
Beyond that, you also want to look for someone who is similar to you in terms of values, parenting styles, goals and things of this nature. You’re not going to find someone who is 100% identical, but you want someone who agrees with you on the things that are most important to you. This gives you peace of mind because you know that the upbringing your children get will be similar to what you would have wanted, even if you’re not the one providing it.
It’s very important to get a plan like this in place as early as you can, so be sure you know what steps to take.