If you have a minor child, it’s critical to name a guardian for them when estate planning. This ensures they have someone who will take care of them if you are unable to because of incapacitation or death. It’s important to determine the most suitable person for this role.
Below are two aspects to consider when making your selection:
Willingness and qualities of potential guardians
Chances are, you have a few loved ones who can raise your child to adulthood. To pick one, you need first to consider willingness. Have separate meetings with your potential parties to inform them of your wish. Then, detail the role, lifestyle changes and financial responsibilities. Doing this helps you narrow down to parties who are willing to serve as your minor child’s guardian.
The next step will be assessing their qualities. These include physical and mental health, shared values and financial stability, among others. You want to choose a guardian who satisfactorily meets the qualities you believe are necessary to raise your child as you would have.
Types of guardianships
There are two types of guardianship for a minor child in Florida: guardianship of the person and guardianship of the property.
The former type appoints someone to make personal decisions for a minor child, such as daily care, education and medical, whereas the latter type appoints someone to make financial decisions, for example, when a minor child receives an inheritance, insurance proceeds or a lawsuit settlement.
When estate planning, you can name two parties for these roles, or one person can be a combination of both. Assess the qualities of your potential parties to make an informed decision.
Naming a guardian for your minor child is an important step in estate planning. Get more information on how you can considerably protect your child.