You’ve taken the next step in life and had a child. You have started preparing for the reality of a new present, buying a crib, a carrier, a stroller, diapers and much more. You want to be ready for everything with your new bundle of joy. But what about preparing for your child’s future?
While you may feel that you are too young to start estate planning, creating a will now ensures you have protections for the new member of your family. If something happens, you can make sure your child has financial security. You can also use a will to name a guardian to be physically responsible. Here are a few tips to choosing the right person for the job:
Consider their location
As you raise your child, you may root them into their surroundings. If you have a guardian who lives nearby, you can prevent any significant interruptions to their physical location. Otherwise, you may want to choose someone who lives in a safe area, even if it isn’t close to your home now.
Would they make good parents?
Experience may help your guardian take care of your child the same way you would. As you consider candidates, you may want to ask yourself about how they raise their own children, or how they treat children.
Can your guardian support another mouth?
A financially stable guardian can provide for your child without sacrifice. You may want to consider how good your candidates are with money.
A guardian should be ready for the possibility
One of the biggest tests of a guardian’s capability is to ask your candidates if they are willing to take over your child’s care. By talking with them, you can ensure you don’t leave your child with someone who isn’t ready to be a parent.
A plan ensures your child’s well-being
You don’t plan on leaving your child behind. But if something does happen, a guardian can take over responsibility. By naming a trusted person in your will, you don’t have to worry about the consequences of an unexpected event.