If something happened to you tomorrow, who would raise your kids? This is the most important — and most avoided — question in estate planning.
The Question Nobody Wants to Answer
Naming a guardian for your children is the single most important thing parents can do in estate planning — and the most commonly avoided. The discomfort of choosing between family members, or imagining the scenario at all, causes many parents to put it off indefinitely.
What Happens Without a Guardian Designation
If both parents die without naming a guardian, a court decides who raises your children. The court will consider family members, but the process can be contested, stressful, and slow. In the interim, children may be placed in foster care.
How to Choose a Guardian
Consider:
Separate the Guardian from the Trustee
A common mistake is naming the same person as both guardian and trustee. Consider separating these roles — the guardian raises the children, while a trustee manages the money. This creates a natural check on spending.
Naming a Backup Guardian
Always name a successor guardian in case your first choice is unable or unwilling to serve when the time comes.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Estate planning laws vary by state. Please consult a licensed estate planning attorney for advice specific to your situation.