Few things are more rewarding than raising a child. After all, you have an opportunity to mold the young one in your family into a unique and competent adult. Still, because of a terminal illness or catastrophic injury, you may die before your child turns 18.
While it can be exceedingly difficult to think about your child’s life after your death, planning for nightmare situations is part of being a good parent. Therefore, you may want to use your estate plan to designate a guardian to care for your child in the unlikely event you are no longer around.
Consider your values
You probably have many different options for choosing the right guardian for your son or daughter. To refine your list, you should consider your values. That is, you may want to find a guardian who would raise your child the same way you would.
Think about physical and mental capacity
For your child to thrive, he or she may need to have a guardian who is physically and mentally sharp. Therefore, when making your decision, you probably want to think about age and overall health. Put simply, if someone is old or infirm, he or she may not be capable of providing effective care.
Do not forget about finances
It costs roughly $230,000 to raise a child from birth to 18. If you plan to pay for your child’s college education, you may spend tens of thousands of dollars more. When you are selecting a guardian, you cannot forget to consider the person’s finances. You may even want to set up a trust the guardian can use to cover child-related expenses.
Even though it can be challenging to find the perfect guardian for your child, you do not want to delay your selection. Ultimately, by finding the perfect guardian when you are healthy and of sound mind, you ensure your child is ok after your death.