A large part of the estate planning process involves providing instructions on how your assets should be divided upon your death. You’re going to want to make sure that those you love see the benefits of your property and savings.
Estate planning also allows you to make provisions for who should look after your minor children if something happens to you. This is a huge decision and there are numerous factors to consider. Outlined below are a few things to keep in mind.
Is it too much for your aging parents?
There was a time when your parents could have taken on any task. But the reality is, you’re an adult now and they are becoming elderly. Raising a young child can be both physically and emotionally challenging. While your parents are bound to do everything in their power if something happened to you, would it be a step too far for them to look after your children full-time?
Perhaps you have siblings, other relatives or close friends of a similar age? They might even have children of their own who your kids share a close bond with. Make sure you consider the physical demands of raising a child before making your final decision.
You’re not limited to one choice
Your estate plan can always be adjusted so that it meets your needs and those of your child. You are perfectly entitled to change your mind on who you designate as a legal guardian. You can also name more than one guardian so that if your first choice doesn’t work out, your children are not left in the lurch.
Estate planning can be daunting but it becomes much more straightforward when you have legal guidance behind you.