Becoming a parent means taking on a broad assortment of responsibilities. Parents have the daunting task of keeping a newborn alive. They also have to consistently meet the basic needs of their children. Parents have a legal obligation to provide shelter, nutrition and access to medical care. They also transport their children, manage their daily lives and help plan for the best future possible.
That best future usually involves the parents continuing to play an active role until the children turn 18 and often well after that point. Unfortunately, a small percentage of parents may die while their children are still young. They can no longer meet the needs of their children in that tragic scenario, which means that others must step into that parental role. One of the reasons that many new parents prioritize creating an estate plan is that they need to choose a guardian to care for their children should anything happen to them.
What does a guardian do?
Essentially, a guardian takes on the exact responsibilities that parents usually fulfill. They provide for the daily needs of a child, manage their resources and help them become a productive adult. Without guardian designations set by concerned parents, random family members might seek that authority, and some of them may have ulterior motives. There’s also the possibility that no one offers to serve as guardian, at which point the child might be at risk of foster placement or living in state facilities.
Who is the right guardian candidate?
A parent can name a guardian in their will and possibly also nominate an alternate in the event that their first choice is not available anymore. Factors including health, age, living arrangements and career obligations can influence the right person to choose as guardian. Parents may need to have difficult conversations with one another and with the people they consider for that role. Ideally, a guardian candidate is healthy, responsible and has a pre-existing bond with the children.
Considering different friends and family members carefully can help parents add the right terms to their estate plans for the protection of their children in the event that they might be quite vulnerable in the future. The need to name a guardian can be a powerful incentive to create or update an estate plan.