Do you have a pressing financial question on which you could use a bit of expert help? Email moneyeditor@purewow.com. Today’s expert is Priya Malani, cofounder of StashWealth, a financial planning firm for H.E.N.R.Y.s (High Earners Not Rich Yet).
“My husband and I are in a comfortable place financially, and in drawing up our will, we'd like to make his sister the legal guardian of our kids. The only hitch: She's terrible with money. Is that a problem? What steps should we take to make sure she'll be fiscally responsible with our cash as it relates to our children?”
First things first: It’s important to remember that the odds of your young kids surviving both you and your partner are so, so slim. (Not a guarantee, of course, but something to help alleviate some of the pressure and stress around this emotional topic.) If one of you should pass away before your children, the care for your kids automatically falls on the surviving parent, unless you name a guardian.
Still, for this situation—should the worst-case scenario occur—you can actually use your will to assign different responsibilities to different people as they relate to care and finances.