When drafting your estate plan, you will include wishes for your minor children should you die or become incapacitated. A guardianship designation is the document you need to do this. Your chosen party will raise your kid(s) should anything happen to you. However, in the future, you may rethink your choice and pick another party.
Here are four circumstances that may motivate you to make such a change.
If your chosen party voluntarily resigns, you will need to choose another one. The guardian will inform you of the reason behind their decision. Regardless of the cause, your relationship doesn’t have to change. They may have opted for resignation in your kids’ best interest.
If the guardian you chose moves to a distant location, or where you may not want your children to grow, perhaps it’s far from the best schools, you can pick another loved one who lives close to you or within your chosen region.
Unfit to assume duties
If you believe the original guardian can no longer assume their duties, you can choose someone else. For example, if the guardian becomes incapacitated or makes changes in their life that you do not wish your kids to grow up around.
The death of a guardian is another circumstance that calls for a new appointment. You should ensure the new guardian has the qualities the original one did, including willingness to raise your kids, financial stability and shares your parental values.
The above-discussed factors contribute to the change of guardians. You can update this information in your plan by writing a new guardianship designation or codicil to revoke the existing document. If you want to do this, it will be best to get legal help to make informed decisions.