Many millennials may not automatically think that they need to create an estate plan. That, however, is far from true. Many elements of an estate plan can benefit people in the millennial generation, especially once they become parents.
Identifying a person or people to raise children should the parents die prematurely requires great thought on many levels.
Family members and child guardianships
Many people understandably look to siblings or other relatives when initially considering who to name as the guardian for their children. However, as explained by Forbes, this may not always be in the child’s best interest. Instead of starting with family relationships when identifying potential guardians, parents should list the values that matter most to them when it comes to raising their children.
Some people may feel strongly about wanting their children to grow up in a culturally rich area, such as in an urban setting. Others may prefer their children to grow up in a more rural or suburban area. Religious beliefs may also contribute to the value set or lifestyle that parents want to instill in their children.
Single versus married guardians
According to What to Expect, the selection of a married person as a guardian should not be a requirement to parents. In fact, a single person may offer more stability to children as the risk of a potential divorce does not loom over them.
Caring for children and for finances
The person named to raise a child need not be the same person named to manage the money left for the child. Parents may find it useful to identify different people for these roles.