Broker Check

Guardianship for Your Children

| March 07, 2022
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Selecting a guardian for your children is an extremely important decision. You need to choose someone whom you trust and who understands the commitment. 

For potential guardians who are not already parents, suddenly having children to raise may require an unexpected change in lifestyle. On the other hand, those who do have children will face the prospect of integrating additional children into their existing family. In addition, suppose the guardian is a friend and not a blood relative. Family members may make the situation difficult by second-guessing decisions the guardian makes. 

Assuming guardianship of a child is also a major financial responsibility. It is important to consider whether the prospective guardian will have the funds needed to care for your children. To this end, consider designating your chosen guardian as the beneficiary of your life insurancepolicies or the trustee of a trust for the benefit of your children. 

Before selecting a guardian for your children, be sure to thoroughly discuss all the important issues involved with the candidate. From this conversation, you may gain some peace of mind from confirming that a caring individual will raise your children in a loving, supportive environment. In turn, the chosen guardian may better understand the financial nature of the responsibility he or she is being asked to assume. And, most importantly, your children can benefit from being cared for by willing guardians.

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