Should my spouse and I both pass away, who should we name as guardian of our children?

This is a very important question, which will take a great deal of consideration and will likely prove to be emotionally challenging to answer. Take your time in figuring out who would be best to designate as guardian in your will, and try not to limit yourself in terms of possibilities.

Many people look to their parents, siblings or close friends to fill such a role, but make sure no matter who you choose, that the person is responsible, with a good character and similar family values. Also make sure they are ready and willing in all aspects – emotionally and financially – to take on such a responsibility in the event of your deaths, and someone who cares deeply about your children and their well-being.

Be sure to discuss your wishes with someone before nominating them as a guardian, and impress upon them the importance of their potential role. Have a dialog about how you wish to have your children raised, and about the financial resources that will be available to them, including details about your life insurance policy.

Keep in mind that you can also designate one person to care for the children, and another to care for their finances. The court will have to give a final approval in these matters, but will usually keep the wishes of the parents in the highest regard.

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