Part of your estate planning efforts should always involve looking out for those you love. If you have children, one of the most important steps you can take is to appoint a guardian to care for them if you’re unable to do so. But before you can tell your Illinois estate planning attorney to include that person’s name in your estate plan, you need to choose the right guardian for your child. Here are a few tips to help you do just that.
Consider Their Beliefs and Values
The ideal guardian is one who has beliefs and values that are similar to yours. Think about the people in your life who think and believe similar things. These people should be on your shortlist. This ensures that your child will be raised with values that closely align with yours if you’re unable to raise them yourself. You’ll effectively be giving them the closest best thing to you.
Be Mindful of Their Physical and Mental Health
Your chosen guardian should be able to care for your child until they become a legal adult. As you start considering your options, be mindful of each person’s physical and mental health. You’ll typically want to choose someone who is in reasonably good health (not in and out of the hospital all the time) and who is emotionally equipped to help your child become the person you know they can be.
Think About Their Financial Stability
Your child’s guardian doesn’t have to be wealthy. But they should be able to adequately provide for your child. Think about each person’s financial situation. Typically, you’ll want to choose an individual who isn’t dealing with tons of debt and who has a reliable income each month. You may want to ask each person you’re considering about their finances as you expand your search.
Find Out if They’re Willing
The last thing you want to do is choose a guardian who is unwilling to take responsibility for your child. Once you have a few people in mind, make sure to ask if they’d be willing to act as a guardian for your child. If anyone says no, dismiss them from consideration. If they say yes, keep them in mind and weigh the pros and cons of choosing each person. This can help you narrow down your choices.
Have a Backup Plan in Mind
Just because one person says yes to being your child’s guardian doesn’t mean their situation can’t or won’t change. It’s a good idea to have a backup in mind. From your list of people who you’d trust pick one or two other people to serve as backup guardians in case something happens to your initial choice. You’ll want to get these individuals’ permission, too just in case.
Consider Your Child’s Preferences
Depending on your child’s age, you may want to consider their preferences as you choose a guardian. They may feel closer to a certain family member or more comfortable with a specific family friend. If you can, ask your child who they would prefer to live with if you’re unable to care for them. If their preferences align with your chosen guardians, great. If not, consider having a conversation with your child and see if you can come to a mutual agreement.
Notify Your Illinois Estate Planning Attorney
Once you have a guardian in mind, let your estate planning attorney know as soon as possible so they can update your plan. This way, your preferences can be added to your estate plan and everything can be finalized as quickly as possible.
Keep Your Estate Plan up to Date
Keeping your estate plan up to date and ensuring that your child’s guardian is represented in that plan is essential. If it’s been a while since you updated your estate plan, don’t wait. Contact the team at Legacy and Life to schedule a consultation.