As a parent, the best interests of your children will always be at the center of your mind. This principle holds up when you are tackling your estate planning needs.
One option available to you is to nominate a guardian that will care for your children should something happen to you. Naturally, your own parents, family members and close friends will stand out as potential candidates. But how do you know you have made the right choice?
Are your parents up to the job?
In all likelihood, you will probably view your parents as the people most suited to the role of guardian for your children. After all, they raised you and contributed significantly to who you are today. However, is this the best choice in practical terms?
Raising a child can be challenging from start to finish. Young children require round-the-clock care and adolescents are notorious for going through an unruly phase. While your parents will have seen this all before, are they physically up to it all again? If your parents are elderly or have outstanding health issues, taking permanent care of a child might just be a step too far. Although they are unlikely to view it this way, because they want to help you, it is important to give this careful consideration as you plan for the future.
Are friends a viable option?
Another option open to you is close friends of the family. You may trust them in the same way as your parents, and they might be ideally placed to take on the role of guardian. Perhaps your close friends have children of their own who attend the same schools and socialize with the same friendship groups as your children? These factors could mean that your friends are more than suitable to care for your children should things take an unexpected turn.
Choosing an appropriate guardian is an important part of the estate planning process. Remember, you are not obliged to stay with your first choice, estate planning instruments can be flexible and have the potential to adapt to your unique circumstances. As you plan for the future, be sure to take note of your legal rights in the state of Georgia.