When writing an estate plan, you have to consider what life will look like for your child if you pass away unexpectedly. Often, young parents will decide to address their estate plan right after a new child is born because they suddenly have a different outlook on the future. They want to be able to keep that child safe and provide for them, regardless of their own circumstances.
One way to do this is to choose a guardian. Someone may need to take on more of a parental role and raise the child. Picking a guardian in advance streamlines this process for the rest of the family and ensures that someone will be there to raise your children. For many couples, the child’s grandparents are the first choice. Is that who you should pick?
The pros and cons
There are two sides to this. First, it is understandable that picking grandparents would seem wise because they would have similar values, a similar parenting style and a close bond with the young child. If you pick your own parents, you know that they’re going to love the child and put their best interests first. This likely gives the child the most stable upbringing.
However, you do have to consider your parents’ own health. How old were they when the child was born? How old will they be when that child turns 18? Are there any concerns about mental or physical decline? Even grandparents who absolutely love their grandchildren might not be the best fit as guardians if they are growing older or if they have health complications that make caring for the child difficult.
Selecting a guardian is just one part of estate planning. Take the time to carefully consider all of your legal options.