Selecting a guardian in your will is a way you can ensure your children are always in good hands.
When it comes to choosing a babysitter, you wouldn’t let just anyone take care of your child. So why would you leave their legal guardian up to chance? One of the most important benefits of creating a will is that it allows you to select a guardian to take care of your child should something ever happen to you. By appointing a guardian, you're making sure that any big decisions about your child's life will be made by someone you trust to always have their best interests in mind. This support will continue until they're old enough to make their own choices.
Choose Carefully
Choosing a guardian is a big decision. This person could be a close family member or someone else who cares deeply for your child's wellbeing. It's smart to have a backup choice too, just in case your first choice passes away before you do or can't fulfil the role for any reason. Remember, you can always change your mind about the guardian you choose. As life goes on and circumstances change, you can update your will to reflect your new choice.
If you don't nominate a guardian in your will, someone you might not have wanted could end up taking care of your child. Not having a guardian could also lead to financial complications for those left behind. They might have to go through a lengthy as well as costly legal process to appoint a preferred guardian. Fortunately, this situation can be avoided if you make a clear decision and state it in your will.
Money Matters
The person who nominate as your child’s guardian needs to expressly accept the position. If they’re not in a financially secure position, they might say no. It’s important to remember that any money or inheritance meant for a minor can't be given to them until they're legally considered an adult, or until the age stated in your will. These funds will be looked after by a responsible adult, like a legal guardian or, if there’s a trust fund involved, a trustee.
Another way to protect your minor child’s financial future is to invest in a life insurance policy. You can add your child as the beneficiary or, alternatively, list the child’s other parent or natural guardian as the beneficiary then include clear instructions in your will that they use this payout in the best interests of your child. Another option is to choose that the benefits be paid into a trust account if your child is still a minor at the time of the payout.
