Who would raise my children if something happened to me?
October 7, 2006
I recommend that my clients with minor children choose who they want to be the future guardians of their children through a legal instrument commonly called a Designation of Guardian. By signing a Designation of Guardian, you can decide exactly who your first, second, third and even fourth (or more) choices to raise your children are in the event of your death. This legal document is typically honored by the courts, and avoids disputes between family members (or both sides of the family) as to who will raise your children. The Designation of Guardian will allow you to pick the most suitable person in your eyes to raise your children.
In making that decision, you should consider many factors:
--Is your child familiar with them?
--Will they raise your child with the same religious values as you?
--Are they responsible?
--Will they preserve your child's contacts with your extended family?
--Do they have the financial resources to take in another child?
--Do they value the same things that you consider important?
I often recommend my clients make this Designation of Guardian when signing new wills. In their wills, we compliment their choice of guardian by also designing a trust for their children to take care of future financial needs, such as college costs. In this way, your child can be provided for emotionally, physically and financially, and you can have peace of mind that these decisions have been made.
