If you’ve recently had your first child, it’s natural that you may begin thinking about estate planning. It becomes very clear that you want to plan for your child’s future and protect them in case something unexpected happens.
One step that you want to take may be establishing a potential guardianship. You still retain all parental rights at the time, of course, but you have a guardian on file so that, if something happens to you, they have the legal ability to step in and raise your child. They can give them a safe place to live, enroll them in school and make other important decisions on their behalf.
Naturally, your first choice may be your own parents. The child’s grandparents know and love them, so it seems like a perfect fit. But is this actually the best choice?
You have to consider the long-term reality
This can work, depending on your parents’ age and health. For instance, if your parents are still relatively young and in good physical and mental health, you may know that they could make great guardians for years to come.
But remember that the guardian has to be prepared to take care of your child long-term, potentially for 18 more years. Say that your parents are in their mid-50s. While they may still be relatively healthy at this time, they will likely be in their 70s by the time your child becomes an adult. Will they still have the mental and physical ability to care for your child at that point?
One option may be to appoint your parents as a primary guardian, but to have a backup option, choose someone younger. No matter what you decide to do, be sure you understand the legal steps necessary to incorporate a guardianship into your estate plan.