In Maryland, when a child loses both parents, the court will assign a guardian to care for the minor child. While parenthood can be fulfilling and rewarding, it is not for everyone.
The court may designate an individual or relative who you believe does not have the capability to provide your child the love and care they deserve. Fortunately, parents can nominate one or more guardians for their minor children in their will.
Questions to consider when choosing a guardian for your kids
Your children are your most valuable treasures. Therefore, you want to prioritize their best interests no matter what happens. Estate planning can allow you to plan for the worst possible scenarios in life, including if they become orphaned. Here are some questions to consider when choosing a guardian for your minor children:
- Do they share the same values, principles and priorities as you?
- How is their existing relationship with you or your child?
- How old are they and are they healthy?
- Can they care for your children until they are no longer minors?
- Where do they live, and will your children need to relocate?
- Do you want all your children to live together or separately?
- Will your children need to transfer to a different school?
- Is the guardian financially responsible?
- Is the guardian willing to take on the huge responsibility?
Your estate plan should address and cover the legitimate costs the guardian will need to care for the children. It is important to note that the guardianship of the minor can be either personal or financial, meaning you can nominate a different guardian to manage their inheritance.
Choosing a professional fiduciary to manage the inheritance
The guardian takes on your responsibilities as the parent, but they may not have the time or experience to manage your estate. You can assign a professional fiduciary to manage your estate while your children are minors and distribute the estate assets according to your explicit instructions.