Choosing a Guardian for Your Children: A Conversation Worth Having

As parents, we spend a lot of time thinking about our children’s future. We hope they’ll be happy, healthy and surrounded by people who love them. We plan for their education, celebrate their milestones and do our best to help them find their way.

But there’s one question that can be hard to think about: Who would care for our children if we couldn’t?

It’s not an easy conversation, and it’s one many parents put off. Choosing a guardian can feel like an impossible decision. After all, no one could ever replace you. But taking the time to make a plan can offer comfort, knowing you’ve thought about who could provide your children with love, stability and support.

Where do you start?

• You may immediately think of a sibling, a close friend or your own parents. There’s no perfect answer, and the right choice may look different for every family. Here are a few things to consider.

Your relationship with the person

• Does this person know your children well? Do your children feel comfortable and safe with them? A familiar, loving relationship could make a difficult transition a little easier.

Their values and approach to parenting

• You don’t need to agree on everything, but it can help to choose someone whose values and approach to raising children feel comfortable to you. Think about education, routines, cultural or religious traditions, and the kind of support you hope your children would receive.

Their stage of life and circumstances

• Consider their health, age, family responsibilities and ability to take on the day-to-day demands of raising your children. Someone who loves your children deeply may still feel that this responsibility would be more than they could manage.

Where they live

• Would your children need to move away from their school, friends and community? Sometimes a move may be the right choice, but it’s worth considering how much change your children might experience at an already difficult time.

Keeping family connections strong

• Think about the relationships you would want your children to maintain, including those with grandparents, siblings, cousins and other important people in their lives. If you have more than one child, consider how your choice could support keeping them together.

Financial support

• Raising children comes with costs, from everyday expenses to education and activities. As part of your planning, consider what financial resources would be available, including savings, investments and life insurance.
• You may also want to discuss with your lawyer whether the person caring for your children and the person managing money left for them should be the same person. These are different responsibilities, and each family’s situation is unique.

Have the conversation

• Before naming someone, talk with them. Ask whether they would be willing and able to take on the role and give them time to think about it. It’s a big commitment, and an open, honest conversation matters.
• It can also be helpful to consider an alternate in case your first choice is unable to act when the time comes. And as your children grow and family circumstances change, revisit your decision.

Put your wishes in place

• Once you’ve thought about your choice, speak with an estate planning lawyer about documenting your wishes properly. In British Columbia, a parent who is a guardian can appoint a guardian in their will. Existing guardianship arrangements, including those involving another parent, can affect how an appointment works, so personal legal advice is important.
• You can also leave a letter sharing the little things you’d want someone to know: your children’s routines, favourite traditions, medical information and the hopes you have for them. Those personal details can be a meaningful gift to the person caring for them.

This isn’t a decision any of us wants to imagine needing. But just like retirement and estate planning it is one more way to care for the people we love most.

If you’d like to talk about how guardianship and financial support fit into your overall plan, we’re here to help you get started.

^{Sources: https://www.familylawinbc.ca/children/parenting-guardianship/guardianship, https://www.bclaws.gov.bc.ca/}

^{This information has been prepared by Laura Chanin who is an Investment Advisor for iA Private Wealth Inc. and does not necessarily reflect the opinion of iA Private Wealth. The information contained in this newsletter comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors. The Investment Advisor and Portfolio Manager can open accounts only in the provinces in which they are registered.}

^{iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. iA Private Wealth is a trademark and a business name under which iA Private Wealth Inc. operate}

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