If you have an amicable enough relationship with your ex to share custody with your kids, you have an important question to settle. If one of you dies, the other parent will likely get full custody. However, if the worst should happen to you and your co-parent, you should know that your children will be in good hands.
This is where you and your co-parent should work on your estate plans and make sure that you name one or more persons to take care of your children. Kiplinger explains what to consider when pressing forward with a legal guardian selection.
Naming someone to be a legal guardian
You want to choose someone to be a legal guardian for your children so you have control over who takes care of your loved ones. In the event neither you nor your co-parent has made estate plans regarding your children’s guardian, a court will determine who will have custody of your children.
Generally, courts look to close relatives to become the legal guardian. If you have a sibling, he or she may be in contention. The grandparents of your children will probably also be candidates. However, you may feel one or more of your children’s relatives may be unfit to take care of them. Putting a plan in place allows you to avoid having an undesirable candidate become your children’s guardian.
Naming someone to run your children’s finances
You might hesitate to name a legal guardian if that person is not good with money. You may know someone who would give your children love and care but might not be able to handle their finances. Fortunately, there is a way to handle this matter. You could name a legal guardian but also select somebody like an uncle of your kids to take charge of your children’s finances.
Ideally, you will never have to worry about your children not being in your or your co-parent’s care. Still, life can produce unexpected challenges, so you want to know you have done your part to help make sure your children have a good future.