Your will is the foundation of your estate plan and where you likely started the estate planning process. This legal document lets you dictate how you want to divide your property after you die.
According to the CDC Foundation, while creating your will, you can also name a legal for your minor children. Choosing a guardian is an important decision, so you should consider the following factors when determining who you will name as a legal guardian for your children in your will.
Consider age and overall health
Although you may want to name your parents as your children’s guardians, for example, they may not have the energy or ability to care for your children as they age. Take your potential guardian’s age and overall health into account when making this decision.
Think about values
You may want to raise your children with a specific religion or a certain set of values. Choose a guardian who possesses these same values and who has similar viewpoints on education, parenting and morals as you do.
Account for finances
Depending on your will, you may also have your children’s guardian handle your children’s finances and inheritance. Figure out how well your potential guardian could handle this task and if he or she holds a steady job, owns a home and maintains a certain level of financial responsibility.
Who you originally select as your children’s guardian does not have to remain this way. If you ever want to change your children’s guardian, you can update your will to reflect this change in your wishes.