Kevin McCornmally: I am Kevin McCormally of Kiplinger's and we are here with Jane Clark an Associate Editor of Kiplinger's Personal Finance magazine, to talk about choosing a guardian for your children. Jane, probably one of the most important things that parents need to do and one of the the things they are least inclined to do is to think about who would take care of your kids if they die before your children reach adulthood. What do parents need to think about?
Jane Clark: Well, first of all they want to choose someone who has their values and someone that they can trust with their children. Secondly, you would want to try and figure out someone who is as close to your age and circumstance as possible.
Kevin McCormally: But why not your parents? Is not that lot of people choose their parents?
Jane Clark: Most people are tempted to choose their parents, because they figure their parents did a great job with them, why not continue with their children. But parents are old and they don't necessarily want to take on that job or if they can take on that job. So, you really should try to choose someone who is closer to your age and you also want to choose someone who lives near you, because that way if something happens to you, your children don't have to move or leave schools or change friends.
Kevin McCormally: What about choosing one guardian for their child, him or herself and a different guardian for the money?
Jane Clark: You can do that. Guardianship involves two roles. One is guardianship of the person that would be for your kids and the other is guardian of the property or the estate. If you have a candidate for your children who seems wonderful as a caregiver, but not so great with money then you might want to split up those two roles.
Kevin McCormally: What about choosing a married couple as the guardian?
Jane Clark: You really should stay away from that, because the couple could divorce, one of them could die, you do need a backup, but you should choose one person in a couple and then someone outside the couple as the backup.
Kevin McCormally: When do you talk to the guardian about this huge responsibility that you are giving them?
Jane Clark: Obviously, before you name them in the will. You might, first of all, alert them to the idea ask their permission and make sure that they understand what is involved.
Kevin McCormally: Do you need to talk to your kids if they are old enough to understand this?
Jane Clark: Yes, you really should, after the age of 14 your children are entitled to weigh in on who is their guardian and so it would be nice if you all agreed on a person.
Kevin McCormally: Okay, thank you very much, Jane.
Transcription by:
Scribe4you Transcription Services