Volume 3, Issue 3
Guardianship and Your Children: Making Important Choices
Selecting a guardian for your child or children is an extremely personal and important decision. While you certainly want to choose a trustworthy individual, you also need to choose someone who understands the serious commitment involved in guardianship.
A Look at the Issues
For potential guardians without children, suddenly having children may require an unexpected change in lifestyle. In addition, those who already have children will face the prospect of integrating additional children into their existing family. It is difficult to know how well children will adjust to their new family. Suppose the guardian is a friend and not a blood relative. Will your family members make the situation difficult by second-guessing the decisions of the guardian?
Assuming guardianship of someone else’s child or children is also a major financial responsibility. Too often, the respective parties avoid addressing important financial issues, such as the following:
- Will the guardian be willing and able to assume full financial responsibility for raising your child or children? Will he or she require some financial provisions to be made in your will? For instance, the guardian may be designated as the beneficiary of your life insurance policies in the event both you and your spouse die.
- Is there sufficient life insurance to help pay for the cost of raising your child or children, including higher education expenses?
- If assets are to be placed in trust for the benefit of your child or children, how will the trust be administered? Will the guardian have any role in controlling the trust assets?
Finalizing a Commitment
Even if you have chosen a guardian for your child or children, your decision is not binding unless a court formally appoints the guardian. Generally, a court will not force unwilling people to serve as guardians, even if they have previously agreed and were named as guardians in the deceased parents’ will.
When selecting a guardian, you may want to discuss these important issues. Everyone will be well-served by an open and honest airing of expectations. You will gain peace of mind from knowing a caring individual will raise your child or children in a loving, supportive environment. The guardian will better understand the financial nature of the responsibility he or she is being asked to assume. And, most importantly, your child or children will benefit from being cared for by prepared and willing guardians.