While it is true that estate planning largely revolves around the distribution of assets, there is so much more to it. If you have minor children, one thing you can do is name a child guardian to care for them if you and their other parent pass away or are otherwise unable to care for them.
Before you designate a guardian, it is important to first conduct due diligence. Asking the following questions could help with this.
Does this person know your children already?
If something were to happen to you, this could cause a lot of disruption for your children. The last thing you want is to add any further instability. This is one reason why selecting a guardian who already has a relationship with your children can be beneficial. It could be a close family member or friend. The stronger the bond they have with your children, the better.
Is this person physically able to raise children?
Raising children can be rewarding, but also physically demanding. Your natural choice may be your own parents. They likely already have a strong bond with your children, and they have a track record of raising children successfully. However, if they are older, are they still physically able to raise a child?
Are they financially stable?
Love is far more important than money, but money is still required to raise a child. Can your prospective guardian take on the financial responsibility of raising your child? Are there other things you can do in your estate plan to help with this? For instance, you may wish to name a guardian and establish a trust that ensures that your children are put through college.
Choosing a guardian is a big decision. You ideally want someone who is trustworthy, financially independent and follows a similar lifestyle to you. Seeking legal guidance will help to clarify the best options for your family.