Residents in Missouri with small children who develop wills and trusts to protect their financial assets have taken a very important step toward directing the future of their estate. However, dealing with debts and assets is not all that these people should do when preparing an estate plan. Parents of minor children should also identify guardianship plans for their children. This is no easy task but is just as important if not more so than outlining plans for assets.
Parenting magazine recommends that people select not only a primary guardian but also a secondary guardian. This will provide options should the primary person be unable to serve if and when the time is ever needed for any reason. When evaluating potential candidates to be a child’s guardian, many people automatically consider their relatives. This may well be in the best interests of the children involved but it might also make sense to expand the set of candidates to close friends.
According to Forbes, many factors should be evaluated before a final decision is made about who to name as a guardian. Assessing a guardian’s financial ability to care for a child will be important but so too will be the relationship and connection between that guardian and the child. Parents should look for people with whom the child will feel safe and loved by.
Logistics such as where a person lives and what their daily life is like should be reviewed carefully. The reality of a child’s life can be very different if placed in a home with different values and traditions than they have been used to.