When asked to serve as the guardian of someone's minor children in the event of his/her death, it is usually meant as a compliment. However, don't accept this role without giving it serious thought. Consider the following:
- Are your lifestyles compatible? What are the parents' preferences regarding education, religion, lifestyle, and other factors? How well does your family get along with their children? Consider the impact on your children, including the fact that you will probably have less time for them.
- How much financial support will be available? This involves more than making sure money is available for college and other expenses directly attributable to the children. Additional children in your house will increase many of your bills.
- Are you comfortable taking on responsibility for the children's finances? You may feel more comfortable with another person involved to review how money is spent.