Choosing a guardian for a minor child as part of an estate plan
Nearly every parent wants to live long enough to see their child grow up, get married and have children of his or her own. No one wants to contemplate dying before that happens. However, it is something that Nevada parents need to think about as a final act of love for their minor child. As part of an estate plan, a guardian can be appointed by the parents to care for their child in the event that they both pass away at the same time.
The easiest part of choosing a guardian for a minor child may be that the person or person must be 18 years or older. After that, the choice becomes more of a challenge. Most people are looking for someone who shares the same outlook on life and child rearing. The chosen person or persons need to be willing to commit their lives to taking care of the child’s day-to-day needs, making financial and other decisions on the child’s behalf, such as where he or she will live and go to school.
Two types of guardianships exist. A guardian of the property handles the financial issues, and a guardian of the person handles the day-to-day life of the child. One person or a couple can occupy both positions, but it is not necessary. One person can handle the financial decisions, and another person can be responsible for raising the child.
Choosing someone to raise a minor child should both Nevada parents be unable to do so is one of the most important decisions parents will make. Understanding the duties of each type of guardianship can help in making a choice that gives everyone involved peace of mind that the child will be in good hands. Once a person or persons are chosen to fulfill these duties, designating the guardian or guardians, and their duties, in each parent’s will is essential to ensure that those wishes are carried out.
Source: nj.com, “What you need to know about young children and estate planning: Your legal corner“, Victoria Dalton, Feb. 2, 2015