Life Insurance
Insurance 101
Live Chat
Sign In
Apply Now
Wills & Estate Planning

Picking a Guardian for Your Child: The 5 Questions to Ask

By Anna Davies Dec 19, 2017

In this article

1. What Do I Want My Child's Life to Look Like?

2. Who Would Want to Be My Child's Guardian?

3. What Is My Financial Plan for My Child?

4. Does My Guardianship Appointee Still Make Sense?

5. Who Could Drop Everything and Watch My Child Immediately?

When you’re expecting a baby, you don't want to imagine a world for them without you. But you'll be glad you considered who should take care of your child if you weren't around. A key way to account for this possibility? Come up with a guardianship plan in your last will and testament.

Your survivors likely won't need to be put your plan into place, but it’s essential to talk it out. Don't just assume that, say, your parents or in-laws would save the day.

“Planning to protect young children in the event that both parents pass away is a huge responsibility,” says Shannon McNulty, a lawyer in Manhattan. She owns City Family Legal Planning, a firm specializing in drawing up legal documents for families.

She says, “You want to make sure your child is protected under all circumstances.” Playing the what would happen if game can be grisly, true. But ask some hypothetical questions to ensure your child will be in the best possible hands if the worst were to occur.

1. What Do I Want My Child's Life to Look Like?

This is also something you can discuss with the legal guardian you eventually appoint. Maybe it’s important to you that the guardian relocate to your state, at least temporarily.

You might also want to think about choosing a guardian who'll maintain impart the values you care about. You can gather the traditions, morals and lessons you hold dear by creating an ethical will.

2. Who Would Want to Be My Child's Guardian?

A lot of loved ones would probably step up to the plate, if worst came to worst. But talking about the possibility can help you suss out who would thrive on the challenge.

For example, Jen, a mom of two from Montclair, NJ, spoke about guardianship with two of her siblings. She was surprised by how much her child-free brother was interested. “I assumed, were the worst to happen, my children would go to my sister. That's because she already has three kids of her own," Jen says.

Her sister agreed to take on the responsibility, but her brother was excited about it. "When I brought it up, my brother talked about why he was interested as well. He works remotely and always wanted kids, but the cards never lined up. He has the flexibility to adapt to the needs of my child. That, plus the fact my kids love their uncle, tipped the balance for me.”

3. What Is My Financial Plan for My Child?

Understand your children's financial future by reading and understanding any life insurance policies you have in place.

You'll also probably want to discuss how assets would be distributed to your children and their guardians. A lawyer can walk you through different options, including creating a trust fund or creating a guardianship.

Finally, it’s important to realize that a legal guardian doesn’t necessarily need to be the same person as a financial guardian. (Note that they often are the same, however.)

While a financial guardian doesn’t need a background in finance or law, you might ask, "Who would make the wisest financial decisions for my children?"

Inform all relevant parties about this choice before you write your last will and testament, to make sure they're on board.

“Our entire extended family is close, so we had a lot of options,” notes Kristy, a mom of three in Needham, MA. “Ultimately, we decided that my children’s legal guardians would be my sister and her husband. They have children close in age to my own kids. But my husband’s brother is a lawyer and I know he would have the most talent—and interest—in managing the financial side of things.”

4. Does My Guardianship Appointee Still Make Sense?

It’s important to update your guardian appointment as situations change.

For example, let’s say you named your child’s grandparents back when your child was a newborn. But flash forward a decade, your parents may be less active and facing health problems. Meanwhile, other family members may have started families of their own that could be a better fit. It’s all about remaining flexible and adaptable.

5. Who Could Drop Everything and Watch My Child Immediately?

While you name a guardian in your will, McNulty says it’s important to make sure you have a standby guardian designation. That's someone who could immediately take custody if your main guardian isn't immediately available. She says, “Having a standby guardian designation, like a trusted friend or family member, ensures that your child will never end up in state custody.”

Eleanor, a mom of two in Boulder, CO, named her sister as legal guardian, but her sister lives abroad. That would make it hard for her to assume immediate responsibility. Because of that, Eleanor designated her mother as a temporary guardian, making sure all parties were on the same page in that decision.

At the end of the day, the most important thing is to ensure your child has a safe, loving home.

Bottom line: It’s important to let your guardians-to-be know their designation. It's equally important to let those you didn't choose in on your decision.

While these conversations may not be pleasant, the peace of mind they provide is priceless.

Fabric exists to help young families master their money. Our articles abide by strict editorial standards.

This article is meant to provide general information and not to provide any specific legal advice or to serve as the basis for any decisions.

Fabric isn’t a law firm and we aren’t licensed to practice law or to provide any legal advice. If you do need legal advice for your specific situation, you should consult with a licensed attorney and/or tax professional.

Fabric Insurance Agency, LLC offers a mobile experience for people on-the-go who want an easy and fast way to purchase life insurance.


Subscribe to our newsletter


Written by

Anna Davies

Related Posts

Wills & Estate Planning

What’s the Difference Between a Godparent and a Legal Guardian?

As you’re thinking about your estate planning, it’s important to understand the distinction between a godparent and a legal guardian.

By Sarah Li Cain
Wills & Estate Planning

A Pet Trust? Your Will? How to Care for Your Pet After You’re Gone

We may view our pets like family, but legally we can’t leave money directly to them. Here’s how to take care of Fido after you’re gone.

By Wendy Berkowitz
Wills & Estate Planning

What You Should Know About Bequeathing to Charity in Your Will

Whether you call it a bequest, an endowment, a legacy, or simply a gift, leaving something behind to charity can be meaningful.

By Jessica Sillers

Fabric Picks

Life Insurance

Life Insurance for Millennials

Blame participation trophies or the fact that many millennials entered the job market around the time the Great Recession hit, but millennials sometimes have a hard time shaking a reputation for being stuck in extended adolescence. The truth is, the generation that coined “adulting” as a verb has been grown up for a while now. Most millennials have already seen our 10-year college reunion come and go, or we may face the shock of hearing we’re experiencing a “geriatric” pregnancy (at 35, really?). As your life grows to include more responsibilities and loved ones who depend on you, it’s time to consider whether life insurance might be the right next step.

By Jessica Sillers
Modern Family Finances

When Do We Feel Like an Adult? New Survey Shares ‘Signs’ of Adulting

Top signs of “adulting” include saving money, doing taxes, and signing up for life insurance, according to Fabric’s new research. Read on for more surprising insights.

By Allison Kade
Life Insurance

How to Get Life Insurance

Have you ever envisioned leaving money to your family when you’re gone? Here’s exactly how to go about getting life insurance.

By Melissa Brock

About Fabric

iOS

/

Android

Download Fabric’s iOS mobile app through the Apple App Store
Download Fabric’s android mobile app through the Google Play app store
Subscribe to our newsletter

© 2021 Fabric Insurance Agency, LLC

Accidental Death Insurance policies (Form VL-ADH1 with state variations where applicable) and Term Life Insurance policies (Form ICC16-VLT, ICC19-VLT2, and CMP 0501 with state variations where applicable) are issued by Vantis Life Insurance Company (Vantis Life), Windsor, CT (all states except NY), and by The Penn Insurance and Annuity Company of New York (NY only). Coverage may not be available in all states. Issuance of coverage for Term Life Insurance is subject to underwriting review and approval. Please see a copy of the policy for the full terms, conditions and exclusions. Policy obligations are the sole responsibility of Vantis Life.

All sample pricing is based on a 25-year old F in Excellent health for the coverage amount shown. All samples are for a 10-year term policy, unless otherwise stated. Term Life Insurance policies (Form ICC16-VLT, ICC19-VLT2, and CMP 0501 with state variations where applicable) are issued by Vantis Life Insurance Company (Vantis Life), Windsor, CT. Coverage may not be available in all states. Issuance of coverage for Term Life Insurance is subject to underwriting review and approval. Please see a copy of the policy for the full terms, conditions and exclusions. Policy obligations are the sole responsibility of Vantis Life.

Fabric Insurance Agency, LLC (FIA) is an insurance agency licensed to sell life and accident insurance products. FIA will receive compensation from Vantis Life for such sales. The NAIC Company Code for Vantis Life is 68632. See the Terms of Use for additional information regarding FIA.

A.M. Best uses letter grades ranging from A++, the highest, to F, companies in liquidation. Vantis Life’s A+ (Superior) rating, which was reaffirmed in April 2020, ranks the second highest out of 16 rankings. An insurer’s financial strength rating represents an opinion by the issuing agency regarding the ability of an insurance company to meet its financial obligations to its policyholders and contract holders and not a statement of fact or recommendation to purchase, sell or hold any security, policy or contract. These ratings do not imply approval of our products and do not reflect any indication of their performance. For more information about a particular rating or rating agency, please visit the website of the relevant agency.

Plan like a parent. is a trademark of Fabric Technologies, Inc.