Previously I've covered a Money magazine piece on how to protect your family with a will and today I'd like to refer back to that article again. Except this time, I want to focus on what is probably the most important (and most difficult) part of drafting a will -- picking a guardian for your kids/deciding who will care for your children in case of your death. Here's what Money advises:
- Make a list. Jot down possible guardians and have your spouse do the same. Anyone you both name makes the short list.
- Score the candidates. Ask yourselves: Is this person healthy? Is the family okay financially? Do they share your values? Get along with your kids? Are they willing?
- Split roles. Still not sure? Consider appointing one person as the financial guardian to manage the kids' money and another as the personal guardian to care for them on a day-to-day basis.
I think this is a GREAT list of suggestions and one we will certainly use as we update our wills.
Thanks for this great post. This is a reminder for me to work on my will! Thanks again.
Posted by: Wandering Indian Monk | March 29, 2006 at 02:19 PM
We had a family situation a few years ago where a guardian was NOT named for a seven-year-old child. His mother died and his father (M's uncle) became too ill to care for him. BAD BAD SITUATION. He bounced around for several months and then finally landed with some family thousands of miles away from his school and his friends.
Posted by: claire | March 30, 2006 at 02:29 PM
My wife & I have discussed this a lot for our 2 yr old son & finalised on her brother (~5 yrs younger to us & currently unmarried & adores our son). However, our concern is what happens once he gets married & plans a family. Will he have the freedom to shift the guardianship to someone more relevant or will he be stuck with our son for good? Next, what happens if something happens to him? Can he name a guardian for our son in his will? Any advice would help get some peace of mind...
Posted by: Param | May 29, 2008 at 08:13 AM