Financial stability is one of the recommended qualities to consider when naming a guardian for a minor child. But why does it matter if your chosen guardian is financially stable if you will leave money for your child’s needs?
Here is why:
Unexpected costs
Raising a child comes with unexpected costs. While you may have made provisions to meet your child’s needs, things can come up. Your child may develop medical needs or special education needs that might require the guardian to step in and handle them and these could cost a considerable amount of money.
Besides, your child’s guardian may be unable to quickly access the funds you leave behind in an emergency. For example, if you establish a trust that requires court approval before funds can be accessed.
Thus, it can be wise to choose a guardian who will not experience a financial problem when they encounter unexpected expenses for your child.
Stable environment
Financial problems can create stress for a family and however careful adults are not to discuss financial issues in front of children, a child who is taken in by that family may get the feeling they are the cause of the problems. Even if no one in the family thinks this and is delighted to have them, a child might still believe this to be true as they know they are an extra to the family.
A financially secure guardian can provide a more stable environment for your child, but it is certainly not the only thing to consider when choosing a guardian. Learn more about other qualities to look for in a guardian to help you make a suitable choice.