When young parents have a new child, they may draft an estate plan and choose a guardian for that child. If they pass away, they want to know who is going to take care of the child in their place. Choosing a guardian helps to give them a sense of security about the future, and they may also create a trust so that they can put financial assets aside for their child, even while they are still a minor.
But, while going through this process, many parents are tempted to choose their own parents as the child’s guardian. Having the child live with their grandparents seems to make sense. They already trust those grandparents and know that they love the child. So, are grandparents an ideal choice?
There are several important considerations to be taken into account
For the reasons outlined above, grandparents can make an attractive choice for a guardian, and this may work in some situations. But you need to consider a number of specific factors, including the health and age of the grandparents.
Remember that a guardianship is a long-term obligation that could last for 18 years. The child’s grandparents may be 60 years old and in good health today, but will they still be able to properly provide for the child when they are in their late 70s? What type of impact will aging have on their mental and physical health?
One potential option may be to choose grandparents as a primary guardian and then also list a younger person who can be a backup. But no matter what you decide to do when drafting your estate plan, just be sure you understand what legal steps to take.