Parents Should Decide on a Guardian For Children

Many parents put off the important decision of naming a guardian for their children in a will. Part of this is because parents are afraid to pick the wrong person, but ultimately, neglecting to name a guardian leaves the children in a potentially detrimental spot. Here are some suggestions for persuading parents to name a guardian sooner rather than later:

• The decision does not have to be permanent. You can always change the name of the guardian later if you find a reason that the one you initially chose is now unfit.
• You do not have to limit yourself to choosing a blood relative to be the guardian. Choose who would be best for your children, even if that is just a family friend.
• If you’re disagreeing with a spouse on guardians, write down top five choices and then compromise from there. Things to consider when making this compromise include: how the person operates, where the person is located, and the person’s money and lifestyle.
• It is good to talk to the guardian when you decide to name them in the will so that they have advance notice about their possible future duties.

See Arden Dale, The Hard Question: Who Will Take Care of Your Child if You Die? , The Wall Street Journal, Dec. 12, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.