From the Nolo Family Law & Immigration Center
What s the Best Way for Parents to Choose a College Savings Program?
This is a transcript of a podcast posted January 3,
2006. We’re speaking with Nihara Choudhri, author of Parent
Savvy: Straight Answers to Your Family’s Financial, Legal, and Practical
Questions.
NOLO: Nihara, one of the difficult responsibilities of new parents is
to choose a guardian for their child. The guardian is the person who will look
after the child in the event that something happens to the parents. What factors
should parents use when choosing a guardian?
NIHARA CHOUDHRI: It’s really a tremendously personal decision to decide who
you trust to take care of your child if you’re not around. There are lots of
things you should think about, but one thing I would ask you to consider is,
really, who loves your child and would have an interest in caring for your child
and raising your child? Who does your child love, who does your child have a
good relationship with, and would trust to be in his or her home? Who has the
values that are closest to your own? You know, who has the same values on
religion, and child rearing, and morality, and even things like economics, like
how much money to give a child, and what type of lifestyle to raise a child
in.
How many children are in this person’s family? If the person already has
three or four children, that person might not be able to really accommodate and
care for your child in addition to the children he or she already has. What kind
of time does that person have available to care for your child? You know, if the
person works eighty hours a week as a corporate lawyer, they might not have the
time to really raise the child in the manner you would want your child to be
raised.
NOLO: Once you’ve picked a guardian, how do you make that an official
choice, so that a court will follow the parent’s instructions?
NIHARA CHOUDHRI: The most common way, and the safest way, is to
prepare a will specifically naming a guardian for your child. Writing a will
sounds expensive to parents who have to hire a lawyer to write a will parents
can hire a lawyer to write a will, and a lawyer will probably charge you maybe
$500 to $1,000 to do a standard will, but you really don’t have to hire a lawyer
if you have a simple estate and things aren’t too complicated. Nolo has some
great products. If you like to use books, Nolo’s
Simple Will Book is a great book you can use; you just fill in the
blank forms, and you’ll have your will ready in a couple hours. If you are a
software person, Nolo’s Quicken
WillMaker Plus is a terrific tool; you can spend a few hours, and
you’ll have a will that’s valid in the state that you live in, and you can buy
both of these products for under $50, and get your will done in a weekend. NOLO: Nihara, do you have to choose a family member as a guardian?
NIHARA CHOUDHRI: Absolutely not. You can choose anyone you want as
your child’s guardian. You can choose a friend, you can choose a neighbor but
if you decide to choose someone who’s not a family member, I’ll give you two
pieces of advice: First, think about talking to your family members in advance,
and sort of let them know the decision you’ve made. And if you don’t have the
courage to tell your mom or your sister in advance that you’ve chosen your best
friend as the guardian, then, at the very least, write a letter to each of the
important family members in your child’s life, and include it with your will --
something to reassure your family members, to explain your decision, to keep
them from contesting your choice and going to court, and to encourage them to
stay involved in your child’s life.
NOLO: One topic you devote some attention to in your book is health
insurance. At what point does a new parent sign a baby up as part of the health
insurance plan?
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