Choosing a guardian for your child may be the main focus of your estate plan. You may also take other steps, like putting money into a trust or making medical decisions in advance. But as a parent, setting up a positive future for your child is the main goal.
You may be tempted to choose your own parents to be the child’s guardians. If you pass away, you know that your parents will still love the child and be happy to care for them. But is this the right decision? Consider the pros and cons below.
The benefits of choosing grandparents
There are many benefits because grandparents are a natural fit. They probably live close to the children and have a relationship with them already. They likely have a similar parenting style and similar values. If you pass away unexpectedly, the life that your children will experience growing up with your parents is likely the closest it could be to growing up with you.
The downsides of choosing grandparents
On the other hand, though, grandparents may not be a realistic choice. For instance, you may need to consider their own health concerns, whether those are physical or mental in nature. You also have to think about their age. You remember your parents from when they were young, but they will probably be in their 50s or 60s – or even 70s – while raising your child. Many grandparents are simply too old to take on this type of responsibility.
These are just a few things to keep in mind when selecting a guardian. Carefully look into the legal steps you’ll need to take at this time.