Important Considerations When Selecting a Guardian

As a partner at Lenox Advisors, Inc., Edgar Whitmore guides a firm that provides client-focused solutions ranging from corporate benefits to wealth management. Edgar Whitmore provides knowledgable advice when selecting a guardian to care for children, should the parents die unexpectedly. This is important because the alternative is one of the court naming the guardian, without any parental input.

When deciding on the guardian, the first step is to create a list of those who are responsible and share similar values. These can range from immediate and extended family members, to close friends and teachers. Beyond having the same moral or religious outlook, intangibles can be critical, from a sense of humor to patience during life’s adversities.

Age is also an important factor, as older guardians may not have the energy to keep up with young kids and may themselves pass on relatively soon. One option when it is not possible to keep the children together is to appoint separate guardians. This can be preferable when the children are not close in age or are from different marriages.

Make sure to document this officially. Be aware that the parents’ choice of guardian is not binding, as the court’s only interest is the wellbeing of the child. However, the court will generally defer to the parents’ wishes, except in cases where the selected guardian is deemed unfit.

Keep in mind that the trustee, or the person who manages the children’s assets, is not always the guardian who raises them. Setting in place a separate trustee can help avoid potential conflicts of interest down the road, between the guardians and the children.