One part of estate planning for new parents is choosing a guardian for their child. If you and your spouse have recently had a child, you want to make sure that they are taken care of and supported. If you pass away in a car accident, for example, a guardianship designation can help to define who should provide this care for your children moving forward.
There are many things that you need to consider, such as parenting styles, willingness to take on such an important role, financial abilities, relationships with the child that may already exist and much more. But one key component to keep in mind is simply the health and age of the person you’re selecting as a guardian.
Grandparents may not be a perfect fit
One thing that many young parents find themselves considering is naming their own parents as the child’s guardian. They trust their parents, they know that they love the child and there is clearly a pre-existing relationship.
But this may only make sense when the child is very young. For instance, say that you have a child when your own parents are 55 years old. At that age, they can certainly care for your child and it seems like a natural fit.
But if you passed away tomorrow, they may have to care for your child for the next 18 years. There is a good chance that their health will decline as they move through their 60s and 70s, and it may be far more difficult for them to raise that child all the way to age 18. This is why it may be wise to choose a younger guardian—or to choose a backup guardian who can step in if your parents become incapacitated or pass away themselves.
Guardianship is only one factor to consider when doing estate planning. Be sure you understand all of the legal options at your disposal.